BENGALURU: Technology-based investment startup Cube Wealth has raised mid-series funding of $500,000, led by founder Satyen Kothari, along with existing investors Singapore-based venture fund Beenext and Japan-based Asuka Holding participating in the round.
The funds will be used to expand its engineering as well as growth marketing teams.
Cube Wealth has also launched a new cross-border SaaS service and marketplace called Cube Cloud to help fund managers in India and South East Asia track capital from investors across 50 countries. Part of the current funding will also be used by the startup to market Cube Cloud.
In the coming months, Cube Wealth will look to recruit talent in growth marketing and web engineering.
Launched in June, 2018 by fintech veteran Satyen Kothari, Cube Wealth is a digital wealth management service that offers busy professionals investment options on its app along with expert advice. The app also helps guide investors to create an investment portfolio and provides anytime assistance from dedicated wealth coaches.
The platform uses gamification to help users invest through the app and provides investment options across asset classes, including mutual funds, foreign equities, digital gold and stock trading to help users diversify their investment.
"I believe this pandemic is an inflection point for digital wealth management as customers will now get accustomed to and demand digital services for everything from KYC to tracking their investments. They will also demand a higher degree of transparency and ethics from their wealth providers. Technology delivers well on these fronts," said Satyen Kothari, founder and chief executive, Cube Wealth.
Kothari also founded Citrus Pay, an online payment gateway, along with Amrish Rau and Jitendra Gupta. In 2016, Naspers-owned PayU acquired payments technology company Citrus Pay for $130 million in a cash deal.
Earlier in 2018, Cube Wealth had raised ₹14 crore (about $2 million) in equity funding from Singapore-based venture fund Beenext, Japan-based Asuka Holding and US-based venture fund 500 Startups as the company was gearing to expand its reach to non-resident Indians in Europe and Japan.