PayU picks up minority stake in Fisdom, leads USD 11 mn financing round

PayU, the payments, and fintech business of Prosus, on Wednesday, said it has led a USD 11-million (about Rs 78 crore) financing round in Fisdom, a wealth-tech platform. "PayU leads the fresh round of investment worth USD 11 million through the acquisition of a minority stake in the company," a statement said.

Apart from PayU, current investors Saama Capital and Quona Capital also participated in this round, it added. Founded by Subramanya SV and Anand Dalmia, Fisdom operates a partnership model with banks and enables consumers to make smart investment decisions for their long-term financial health by helping them invest in multiple products including mutual funds, insurance, pension funds, and digital gold.

"This investment marks PayU's entry into the wealth-tech segment and is in line with the company's strategic goal of building a comprehensive digital fintech (financial technology) ecosystem connecting merchants, consumers, and banks locally," PayU India Chief Executive Officer Anirban Mukherjee said. With this investment, PayU is one step closer to offering payments, lending, and wealth tech services in a single stack, he added.

"This investment allows us to continue innovating in order to better serve our consumers including bringing new products like insurance and broking. PayU, being one of the leading fintech players in the country, provides an immense opportunity that we are keen to explore," Subramanya S V, co-founder, and chief executive officer of Fisdom said.