Bengaluru, 23 October 2019: In a funding round led by early-stage venture capital firm, Good Capital, Wealthy has raised USD 1.3 Million. Fintech venture capital firm, Emphasis Ventures (EMVC), also participated in the round. Wealthy’s previous investors include Venture Highway, Tracxn Labs, V1 Capital and Globevestor.
Wealthy is a fast-growing Fintech platform that enables professionals and other individuals to become Wealth Managers by providing them with digital financial products and training to succeed as independent entrepreneurs. This round of funds will be utilised to scale up its partner base and to continue further development of the platform to offer more financial products.
“Our focus is to build a strong base of partners that we call Wealth Managers. Over the last three years, we have realised that though there is a growing demand for online financial solutions that are convenient and paperless, there is an underlying trust issue that deters most end customers to build meaningful relationships. Our partners are helping solve this trust deficit by bringing a rules-based advisory experience to customers in their trust network” says Aditya Agarwal, co-founder of Wealthy.
Prashant Gupta, Co-Founder of Wealthy adds, “Our latest Fund-Raise will help us fast track the process of onboarding banking professionals who are looking for an independent career. Typically, their jobs today with any large bank or financial institution, is a one-sided relationship. The maximum benefit of this relationship accrues to the institution leaving both the banker and their clients short-changed. Wealthy’s bank-like financial services platform, software-led advisory, and, a cloud-based operation empowers these partners to build the career they always dreamt off and achieve a substantial increase in their income.”
Srimanta Patra, a Wealth Manager at Wealthy adds, “I had to step out of my comfort zone to leave ICICI, but, I am so happy I made that move. I am the boss of my own work now and in complete control of my earnings without needing to sacrifice my soul. My favourite part is the limitless earning potential and the technology support I get to onboard and service my clients.”
Arjun Malhotra, Founding Partner of Good Capital adds, “Wealthy’s approach in enabling middleman to better curate and serve the eventual customer is something that resonates well with our investment thesis. We have seen this theme play out across different industries and are excited to partner with a highly capable and execution-oriented team in Aditya and Prashant.”
Melissa Frakman, Managing Partner of EMVC adds, “Indian households with a large and emerging middle class deserve the transparency, cost-efficiency, and convenience of the country’s digital finance transformation, while still enjoying personalized, professional service from their advisor. We look forward to working with the Wealthy team as they build a next-generation network of technology-enabled advisors to service a growing need of Indian households.”