Innovage Fintech in talks to raise $15 m

Bengaluru, February 15





Financial tech start-up Innovage Fintech Pvt Ltd, which launched a B2C platform www.5nance.com last November, is in talks with VCs to raise $15 million in Series A funding, expected to close in the next three months.

The company has already raised $3 million in angel funding from a clutch of HNIs in Dubai and PF Funds in Europe.

5nance.com is one of the first robo advisory platforms in the country to offer all its services, including asset allocation, exit and profit booking advisory services, for free to its customers.

The SEBI and AMFI registered portal enables consumers to plan and achieve their financial and money management needs over their entire lifecycle.

Since its launch, the portal has attracted 5,000 registered users, of which 10 per cent are senior citizens.

“Ours is a consumer aligned business model and not a product aligned one. While other portals push just one or two products like mutual funds, insurance or equities at customers, we provide a one-stop, product agnostic portal with different classes of products, which consumers can choose from.

“We have 38 principle partners that provide all asset and liability products offerings for consumers including mutual funds, corporate deposits, physical gold, bonds, loans and credit cards. And will be adding direct equities, insurance and tax filing to our portfolio of products in April,” Dinesh Rohira, founder and CEO, 5nance.com, told BusinessLine. He said the funding will be used to expand the team from 35 to 100, in technology and marketing and to build out phase-II of the company’s business.

Target consumers

Today, 5nance.com targets consumers in the annual income bracket of ₹5 lakh to ₹50 lakh.

Plans are on to target consumers in the annual income bracket of ₹50 lakh to ₹2 crore who will be offered investment options in global asset classes as well.

Published on February 15, 2016

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