CashRich, a Mumbai-based fintech startup, has raised an undisclosed amount in seed funding from three prominent angel investors in the UK. CashRich is a smart mobile investment app for anyone seeking better ways to manage their money. The app is currently in beta phase (pilot-testing) and shall be launched in the coming months.
Sougata Basu, Founder of CashRich, said, “We are excited to receive this funding from investors who share our vision to build a technology-driven financial services company that creates user-friendly products. This equity capital infusion is an early validation of our idea and business model.”
CashRich complies with SEBI regulations and helps in secure investment transactions with multiple fund houses. The company is currently exploring partnership opportunities with various banks, asset-management companies and financial services firms.
“CashRich operates in India’s growing wealth management space. It empowers users with an intelligent tool to track and manage their mutual fund investments in India. The app facilitates investment transactions and uses data mining for personalization. However, it is not a robo-advisor as it does not provide specific scheme-level investment advice,” continued Sougata.
Dr. Sayan Ranu from Indian Institute of Technology (IIT), Delhi is an Advisor at CashRich and guides the company on developing proprietary algorithms. Dr. Ranu said, “The financial industry is undergoing a data revolution. Today, we have access to high volumes of personal, demographic and market data. Given the quantitative nature of the investment world, few industries are better suited for applications of machine learning than personalized wealth management. I am pleased to see CashRich bring machine learning to wealth management in India.”
Dr. Ranu further added, “The application of behavioural finance in their product offering is a clear differentiator from the competition. CashRich has the potential to cause significant disruption in this industry.”