Fintech platform MoneyPlanned has raised over ₹2.5 crore in a seed funding round led by Inflection Point Ventures. The round also saw participation from Expert Dojo, an early-stage startup accelerator, Joseph R Saviano, partner at Dot Capital and Sameer Khan, Executive Director Corporate Treasury, DBS Bank, Singapore, among other angel investors.
Founded in July 2020 by Sameer Shashank Gattupalli and Nikhila Putcha, MoneyPlanned is a personal finance platform for millennials that offers services like financial goal planning, automated advice across asset classes, simple and easy transactions along with financial footprint consolidation.
“Thousands of urban millennials are using MoneyPlanned to plan & invest towards their financial goals. Our mission is to create the best platform for automating financial fitness (with our patented tech) and to enable unparalleled access to a modern ecosystem of financial products and services,” said Sameer Shashank Gattupalli, Founder & CEO, MoneyPlanned.
The company said it will utilise the funds towards marketing and user acquisition, deepening its tech infrastructure, and expanding tech and business teams.
MoneyPlanned also helps facilitate investments, loans, insurance and tax planning to its users. The company claimed it currently has 10,000 weekly active users and 35,000 monthly active users.
“India has a large base of salaried people with more youngsters joining the workforce every year. Financial planning is not a luxury anymore but a necessity, that’s one of the biggest learning from the Covid pandemic. Thus, from a market opportunity perspective, MoneyPlanned’s platform is built to offer a personalised service at scale. At IPV, we invest in businesses that have the ability to scale while maintaining a healthy business matrix,” said Vinay Bansal, Founder CEO, Inflection Point Ventures.
The platform facilitates financial situation evaluation, portfolio and product recommendation and expense and budget advice. “The in-house creation of a full-stack Robo-advisory and mutual fund investment platform of MoneyPlanned helped users track goals worth INR 6,500 Crores. MoneyPlanned aims to disrupt the large fintech market, through its simplified and affordable app, using a patentable workflow, which helps users identify, set and track goals,” the company said in a statement.
