Fincash.com, a startup in the personal finance space has raised around Rs.60 lakh from its first round of funding, it said in a press release today.
Fincash.com that focuses on money market space plans to grow its business by expanding the team and technology.
“We are currently focused on money market space. Going forward, we are planning to aggressively cater to SIPs and tax planning needs of our customers,” says Gaurav Perti, CEO of Fincash.com.
Gaurav added that they had received funds from ten investors who belong to the financial sector and digital marketing space. Two out of the ten angel investors are Mohammed Khan, founder of Rediffusion and Sameer Narayan, ex- fund manager of BNP Paribas Mutual Fund.
In the recent past, fintech firms have been raising funds from angel investors. According to media reports, Nivesh.com, a mutual fund investment platform, Bengaluru-based Stockal Software which runs an app-based investment advisory service, and Heathwalk Advisors which runs financial technology platform MaxMyWealth have recently raised funds from angel investors.
Gaurav says that the government’s focus has led to an increase in digital platforms. “The government focus towards biometric based Aadhaar ID for every citizen, the Unified Payments Interface (UPI) for simplified money transfer and demonetization, all have given a push to go digital,” says Gaurav.
Gaurav Perti and Pawan Kumar founded Fincash.com which started operations in March 2017. Gaurav Perti was with Standard Chartered Bank and Pawan Kumar was associated with few startups before they started Fincash.