Fintech platform MoneyPlanned has raised more than 2.5 crores in a seed fundraising round headed by Inflection Point Ventures. Along with other angel investors, Expert Dojo, an early-stage startup accelerator, Joseph R. Saviano, a partner at Dot Capital, and Sameer Khan, Executive Director of Corporate Treasury at DBS Bank, Singapore, participated in the round.
MoneyPlanned is a personal finance platform for millennials founded in July 2020 by Sameer Shashank Gattupalli and Nikhila Putcha. That offers services including financial goal planning, automated counseling across asset classes, simple and straightforward transactions, coupled with financial footprint consolidation.
According to Sameer Shashank Gattupalli, Founder & CEO of MoneyPlanned, “MoneyPlanned is used by thousands of urban millennials to plan and invest for the future. Our objective is to develop the greatest platform for automating financial wellness (using our patented technology) and to enable unmatched access to a contemporary ecosystem of financial products and services”.
The business stated that it will put the money into marketing and user growth, strengthening its technological foundation, and growing its technical and managerial staff.
For its users, MoneyPlanned also makes insurance, loans, and tax preparation easier. The company asserted that it currently has 35,000 active monthly users and 10,000 weekly users.
“There are a lot of salaried individuals in India, and every year, more young people enter the labor sector. One of the main lessons from the Covid epidemic is that financial planning is no longer a luxury but a necessity. Therefore, from the standpoint of the market opportunity, MoneyPlanned’s platform is designed to provide individualized service at scale. At IPV, we invest in companies that can grow while keeping a sound business structure”, said Vinay Bansal, founder, and CEO of Inflection Point Ventures.
The platform makes it easier to evaluate financial circumstances, offer products and portfolios, estimate costs, and provide budget advice. “MoneyPlanned’s full-stack Robo-advisory and mutual fund investment platform, which was developed in-house, helped consumers monitor goals worth INR 6,500 Crores. MoneyPlanned’s streamlined and reasonably priced program, which uses a patented methodology to help users discover, create, and track objectives, intends to disrupt the sizable financial business”, the company said in a statement.