Fintso, a 3-month-old fintech startup, founded by Wealth Management industry veterans, George Mitra and Rajan Pathak, has raised $2.6 million USD from a set of individual Angel investors. Investors include Rajeev Juneja (CEO of Mankind Pharma), Pratul Shroff (Founder of Einfochips) and Dilip Khandelwal (MD and Head of Technology, Asia Pacific, Deutsche Bank), as well as other notable names, including the General Partners of some of the largest Consumer VC s in India.
A deep-tech based PaaS (Platform-as-a-Service), Fintso is a next-generation B2B2C solution to the wealth management industry for smart solutions and allied services to the ecosystem players.
This capital will aim to build a state-of-the-art platform that helps these IFA s (Independent Financial Advisors) and MFDs to Nurture client relationships, enable seamless operations, and help them enhance productivity. Apart from this, they will also be strengthening their operations and servicing teams to offer real-time support to their audience.
George Mitra, Co-founder and CEO, Fintso said: “We are extremely happy to have investors who believe in what we are doing and are providing much more than capital – by sharing their knowledge and experience. Their experience in having started and built-out enterprises, and being professionals who steer large organisations, will be invaluable for Fintso in its journey.”
Prior to founding Fintso, George Mitra was the CEO of Avendus Wealth, managing a team of 125 people and an AUM of $4 bn. Rajan Pathak, was the CEO of IFAN, managing a team servicing 1300+ Independent Advisors who advised on assets of $500 mn. The founding team, including Vijaykumar Panchagatti (Ex Director, Unisys), Tanay Chourasia and Rohan Daftary, have over 75 years of cumulative experience.
Adding to this, Fintso’s Co-Founder, Mr. Rajan Pathak, said, “Independent financial entrepreneurs have long been the “bridge of trust” for clients, not only existing, but new savers. Providing solutions to this eco-system, to help them do more, and do better, for their clients, is the most effective way of addressing this large, yet highly fragmented, market. Using Fintech, to enhance and augment their offerings, will ultimately help serve the individual investors address their needs more holistically”.
The disrupted ecosystem of Indian financial market often makes it difficult for service providers and vertical aggregators to efficiently service these large pockets of customers spread across the country. While independent financial advisors may have that reach, they lack the capacity to expand efficiently and cost-effectively to reach the wider and dynamic audience. Fintso focuses on bridging this gap with its RPA’s (Robotic Process Automation), AI (Artificial Intelligence) and ML (Machine Learning) backed platform.
On this agreement, Piyush Gupta – Group CFO, HT Media says, “By using ‘Deep Tech’ and automation, Fintso is trying to solve a real problem of non-standardisation and information asymmetry in the large financial advisory space. The fact that it is led by a stellar team of professionals having a vast domain experience as well as technology background augers well for success. I wish them all the very best in their journey.”
Further, Pratul Shroff, (Founder of Infochips) added, “As India experiences growth and expansion in the coming decade, more and more people will feel the need to participate in the financial markets. Just like eComm growth in Tier II, III and IV cities, there is a huge pent up demand for financial information, and good solid advice on investment options and opportunities. Fintso fills that gap by enabling independent financial advisors to expand their reach and market in a meaningful way.”
Fintso also targets manufacturers and vertical integrators to offer them the benefit of wealth management. The platform aims at enabling digital players to become Omni-channels by allowing them to showcase their products to a larger audience in an efficient manner.