Fisdom ties up with Lakshmi Vilas Bank to offer NPS scheme online
Bengaluru: Wealth management start-up Fisdom has tied up with Lakshmi Vilas Bank to help customers register, manage and National Pension Scheme (NPS) investments using the Fisdom mobile app.
Lakshmi Vilas Bank will be the managing bank for the NPS service offered by Fisdom on its app, both companies said in a joint statement on Tuesday.
The partnership will allow any registered customer on Fisdom to invest in NPS instantly within minutes without any paperwork. The user can set his investment goal by choosing the risk profile and monthly investment amount.
Fisdom app also provides services like online KYC, investment options into savings instruments and withdrawing invested money from a fund that was previously set-up by a customer.
Fisdom is a Bangalore based start-up founded in 2015 by Subramanya S.V., former managing director at venture capital firm Bessemer Venture Partners India, and Anand Dalmia, a veteran investment banker.
Fisdom makes money via commissions made from funds sold on its platform. It has multiple partnerships with banks for sourcing investment schemes. In the last one year alone, Fisdom claims to have facilitated more than 1 lakh mutual fund investments worth more than Rs100 crore.