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Wealthtech Centricity raises $4 million in pre-seed funding round

Centricity aims to build a comprehensive tech solution for a largely unorganized independent financial advisor community and former private wealth professionals who wish to be wealth management solopreneurs (Photo: iStock)Premium
Centricity aims to build a comprehensive tech solution for a largely unorganized independent financial advisor community and former private wealth professionals who wish to be wealth management solopreneurs (Photo: iStock)

The company plans to use the funds to strengthen teams across technology, investment product and sales functions as well as increasing brand awareness. It plans to onboard 1,000-1,500 IFAs in the next 24 months with a combined transaction value of at least $1 billion.

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NEW DELHI: Centricity, a B2B2C wealth-tech platform for independent investment professionals, single family offices (SFO) and corporate treasuries, have raised $4 million in a pre-seed funding round. The round was led by Burman family office (Chowdry associates -Saket Burman, MB Finmart Pvt. Ltd -Mohit Burman & Pradip Burman) Shantanu Agarwal (LNJ Bhilwara group) and Arun Jain (Intellect design arena/Founder-Polaris software Labs).

Other angel investors in the round included Devesh Sachdev (Fusion Microfinance), Rajesh Razdan (Devtron Labs), Ankush Nijhawan (TBO.com), Purrshottam Bhaggeria (Filatex group), Abhay Agarwal (Burman family office) & Pravin Jain/Navin Jain (Supercircle family office).

Established in early 2022 by former senior private bankers, Centricity aims to build a comprehensive tech solution for a largely unorganized independent financial advisor (IFA) community and former private wealth professionals who wish to be wealth management solopreneurs. Centricity offers plug and play solutions for seamless “employee to entrepreneur" (E2E) transitions.

Centricity endeavors to build a full stack open-source financial services platform for IFA, external asset managers (EAMs) and single-family offices (SFOs) to manage investment portfolios efficiently.

In the first phase, the startup has conceptualised and developed an invest-tech platform which features a full spectrum investment product marketplace, digital transactional capabilities and deep portfolio reporting & monitoring capability. In the second phase they wish to integrate life and non-life insurance products as well as mortgages.

The roadmap for the next 24 months includes developing in-house asset management capabilities and a capital market NBFC.

“Our long-term vision is to establish Centricity as India’s largest B2B2C financial distribution brand with technology being at the core of a one stop financial product shop for wealth managers and end investors," says Manu Awasthy, founder, Centricity wealthtech.

The company plans to use the funds to strengthen teams across technology, investment product and sales functions as well as increasing brand awareness. It plans to onboard 1,000-1,500 IFAs in the next 24 months with a combined transaction value of at least $1 billion.

“Wealth management is an exciting and competitive space globally and in India. It is encouraging to see that experienced professionals from the private wealth management ecosystem have identified value gaps on the technology front and are building a solution around it. The key here is to understand existing propositions and pain points for both relationship managers as well as clients and then work with industry specific technology teams to innovate," said Saket Burman.

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