Bangalore based wealth advisory platform Fisdom has raised $7 million in a fresh round of funding led by PayU. The firm’s existing investors Quona Capital and Saama Capital also participated in the funding round.

In a statement Fisdom elucidates that the fresh infusion of capital will be utilized towards new product development and customer acquisition.

Founded in 2015 Fisdom is a fintech startup that specializes in investment advisory through a platform that manages a user’s personalized online investment account.

The personal finance startup also provides personalized investment recommendations across products

such as mutual funds, insurance, pension funds and digital gold. Fisdom has partnered with financial institutions such as Oriental Bank of Commerce, Allahabad Bank, Karnataka Bank, Bank of Baroda, Lakshmi Villas Bank among others.

Speaking about the investment, Subramanya SV, Co-founder and CEO, Fisdom, said, “We are happy that our investors continue to reaffirm their confidence in our strategy of B2C product and B2B2C distribution in partnership with banks and financial institutions.

The latest investment will allow us to innovate and provide a holistic experience to our customers across investments, savings, and protection. We are also looking to deepen our engagement with our partners, which includes several leading banks and digital platforms.”

A statement released by the company stated that Fisdom has experienced more than 80 percent growth during the pandemic. The startup has also expanded its existing team and has on-boarded more than 150 employees virtually during the last six months across engineering, sales, and operations; including some key hiring done during the last year.

Anirban Mukherjee, CEO, PayU India, said in the statement: “Fisdom has grown into a leading digital wealth management platform and has created a demand for its services in the market. We are very excited to continue to back Fisdom to help fuel its continued growth in the wealthtech segment and further expand its product portfolio."