An interesting fintech startup announced a funding of USD 500K
The fintech industry around the world is seeing a huge rise. The fintech industry can be simply explained as Finance + technology.
Let us talk about the fintech industry. It refers to the use of new and emerging technologies which are focused on helping the customers and the financial institutions in delivering financial services in a new and faster way, thus leaving the traditional methods behind. The technology used in this sector is of the aim to help customers make the process of delivery and use of financial services automatic and bring a change and improvement in this process. The four basic categories of Fintech areas are- Digital Lending, Payments, Blockchain, and Digital Wealth Management.
The various reasons why the fintech industry has seen a huge expansion are because of the increasing number of smartphones users. Even access to the internet has reached many far and wide to many people and even the existing users of the internet are now experiencing high internet connectivity. So, that is why it is said that fintech is the future.
According to a report made by BLinc Insights, the overall size of the Indian fintech industry in the year 2021 is expected to be at USD 31 billion. It is predicted that the fintech industry of the country will be growing at a CAGR of 22% and currently it is at the third rank in the world after the US and China. There are many startups working in this industry and many of the startups have already converted into unicorns.
Let us now talk about the funding of a startup working in the fintech industry that has taken place recently and has pushed the fintech sector to one step closer of reaching more heights.
Announcement of funding of a fintech startup
The startup, GoalTeller has raised funds worth USD 500K, as announced on February 08, 2022. This round of funding that has taken place and we are discussing is the pre-Series A round of funding and saw the participation of many existing investors, founders, family, and friends.
Some of the participants of this round of funding were Chairman of MEMG, Dr. Ranjan Pai, co-founder of the startup, Goalteller, Vivek Banka, senior professionals from the wealth management industry, Pankaj Fitkariwala and Himanshu Bhagat, co-founder of Ashirvad Pipes and Principal at Vikas Poddar Family Office, Vikas Poddar, angel investor, and founder of Prudent Inv Managers, Prashasta Seth, and Partner at McKinsey and Co, Harsh Chhaparia.
The existing investors of the startup who also took part in this round of funding were Rainmatter of Zerodha, Nithin Kamath, Kunal Shah, the founder of Cred, Raghunandan G, ex-founder of Taxi for sure and Founder of Zolve, Vivek Hinduja, ex-promoter of Gokaldas Exports, and Sousthav Chakravarthy, founder of Siply.
The startup plans to use the funds raised in having its focus on further building and expanding the team and increasing and ramping up its activities related to marketing.
About the fintech startup that has announced its funding
The startup, GoalTeller was founded by Vivek Banka and Abhishek Puglia and has its headquarters in Bengaluru, Karnataka. The startup has a focus on building the platform as a one-application solution to manage investments, savings, goals, insurance policies, and many more. The startup is a smart financial advisor that helps the users plan better, save more, and secure their finances.
The platform of the startup is an all one financial advisor for –
Investments- 24/7 advice, Audit, Higher Returns, and Personalised Score
Lifestyle- Goal Planners, Personalised Score, Solutions, Advice
Security- Wills, Succession Planning, Nominations, Advise
Analytics- Innovation Tools, Deep Insights, Higher Returns, Lower Leakages
Tax- Tax Optimiser Tools, Advice, Tax-efficient Investments
The partners of the startup are INR Bonds, CAMS, BSE, Digio, CRIF, Ditto, Surepass, Secure Now, Small case, and many others. The startup has the license of RIA and MFD to operate. The startup is one of the fintech companies that have gone live with the implementation of the account aggregator platform.
What has been said about the deal?
Dr. Rajan Pai has made a statement saying that he is extremely excited to partner with the startup and the problem it is trying to address on how to democratize financial advice. He then said that he has a strong belief and trust in the team and the past is a verdict that they have been able to do it. He then described his happiness telling that he is happy to be a part of the journey of the startup.
The CEO of Zerodha and Rainmatter, Nithin Kamath said that a very big problem the Indian capital market is facing is shallow participation. He then said that in order to bring good next million investors in the market, good advice and smart financial tools are required. He then said that he is excited to join the startup on its journey.
The startup is working really well. It has the aim to make comprehensive financial planning and high-quality advice accessible for everyone and that too at a fraction of the industry cost. We wish the startup a piece of good luck and hope it is able to achieve its noble aim and has a bright and successful future ahead!
Edited and published by Ashlyn Joy