FISDOM, co-founded by Anand Dalmia and Subramanya SV in 2015, is a fast-growing wealthtech platform offering options throughout funding, saving and safety.
Through its app, Fisdom offers an array of merchandise/providers that embody however are usually not restricted to mutual funds, National Pension Scheme, digital gold, insurance coverage, loans, and so forth. “We are a pioneer in the partnership-led wealth management model,” claims Subramanya SV, CEO, Fisdom. “Fisdom has built a B2C product but reaches customers through B2B2C partnerships.”
Over the final 4 years, Fisdom has tied up with a number of giant banks and monetary establishments to provide wealth administration providers to their prospects. Karnataka Bank, Indian Bank, SBM Bank, Oriental Bank of Commerce, City Union Bank, and digital platforms akin to Bajaj Finserv Markets and TVS Saathi have partnered with Fisdom. Subramanya provides that prospects of those establishments can use the Fisdom cellular app or the Fisdom SDK on their respective cellular app to entry Fisdom’s options.
These partnerships present giant, unique entry to prospects. Together, Fisdom has entry to almost 20 crore buyer base and 20,000 branches throughout India.
Banks additionally add a component of belief to the end-customer of their decision-making course of to purchase mutual funds, pension funds, and so forth. In addition, Fisdom serves almost 3 lakh prospects, who actively transact/purchase monetary merchandise on its platform. “Even during the pandemic, Fisdom saw more than 80% growth in its AUM. The company is in the process of adding several more partners that include marquee names in the Indian financial services landscape,” says Subramanya.
Fisdom employs almost 400 people throughout know-how, gross sales, and operations. It has almost a 200-people gross sales crew throughout the nation in 100-plus places working with the financial institution companions. Talking concerning the preliminary years, Subramanya says, “I was a successful venture capital investor and Anand, an investment banker with experience in handling large M&A deals. As Anand and I had a background in financial services, our natural choice was to disrupt the Indian financial services. While we intended to build a large diversified financial services company, we chose wealth management as the starting point.”
According to him, entry to wealth merchandise in India then (and now) was largely underpenetrated. Less than 2 crore Indians have invested in mutual funds or shares to create wealth. “Customers at large were staying away due to a variety of problems like lack of access, inadequate trust, lack of knowledge, time, etc,” he says. “This offered a large market opportunity to provide a tech-based solution that solves each of these consumer problems. The idea of Fisdom was to be a mobile-first platform that would help customers invest in mutual funds in a paperless manner, under a guided choice model without the use of any jargon.”
Fisdom has been backed by marquee traders akin to Saama Capital (seed spherical), Quona Capital (Series A), and PayU (backed by Naspers) (Series B). At the time of founding, it raised an angel spherical of funding from a number of particular person traders akin to Raghunandan and Aprameya (TaxiForSure founders), Rob Chandra, Rajeev Chitrabhanu, Gaurav Gupta, and so forth.
Financial merchandise in India are nonetheless severely underpenetrated, particularly in smaller cities. Fisdom’s focus areas have been offering entry (making probably the most applicable monetary merchandise accessible to a lot of prospects), simplicity (eliminating jargon and complexity from monetary selections), and doing so in a reliable method. It goals to be a monetary providers company that helps prospects entry options throughout investments, financial savings, safety, and credit score.