Finnovate, a wealth technology business, revealed that a number of angel investors contributed around $1 million to its pre-series A round of funding.
Finnovate, co-founded by Nehal Mota and Naveen Singh, on its online offers holistic, personalised financial life planning and research-backed investment portfolios to working professionals and high-net-worth individuals.
“Through our WealthTech platform, we want Indians to invest in sync with their life goals, make informed decisions with money and reach financial freedom at the earliest," said Nehal Mota, Co-Founder, Finnovate.
Finnovate said it will use the funds to scale its technology-led wealth management platform and Finnversity, a financial literacy platform to help many Indian families achieve complete financial well-being.
Mota and Singh have over two decades of experience in the financial services and technology domains, respectively.
Singh said the company is using technology to simplify and standardise the process of building a financial plan. “...now a financial plan can be created in less than 10 minutes. The algorithms have been refined over a period of time to include India-specific investment patterns and circumstances. The interactive platform shows the various scenarios that help in personalizing the financial plan to the life stage, income & expenses, risk-taking ability while investing, working life span and much more ,“ he said.
Cumulative Ventures LLP, led by Swapnilsagar Vithalani, acted as the transaction advisor, and VS Counsel Partners, led by Shantanu Gupta, acted as the Legal Counsel for the transaction, the company said.