Financial services startup Winvesta on Wednesday said it has raised funds as part of its seed round from Speciale Invest, Blume Founders Fund and CRED’s Kunal Shah.
The company, however, did not disclose the amount raised.
The fresh funding will help the startup to scale its operations including hiring fresh talent to build a world-class team as well as bolstering technology, Winvesta said in a statement.
The new investors join existing advisors and investors of the company that include the likes of Umang Bedi of DailyHunt, Bahram Vakil of AZB & Partners, Rama Bijapurkar, renowned board member and Andre Mohamed, former head of Wealth and Trading for Revolut.
UK-headquartered Winvesta is a neobank building cross-border banking and wealth management that enables Indians to open multi-currency accounts and invest globally.
Winvesta was founded in 2019 by Swastik Nigam and Prateek Jain with the vision to make global banking and investments accessible to every Indian.
Ridding people of the preconceived notion that banking and investing overseas is only for the uber-rich, Winvesta said its clients can save, invest and spend in over 30 currencies including USD, GBP, and EUR. This helps them manage all their international finances in one place.
Winvesta also enables Indian residents to invest in global brands like Apple and Tesla with a simple and compliant process.
Swastik Nigam, Founder and CEO, Winvesta, said that international banking and investing has been complicated and expensive for Indians. With a vision to make this seamless and convenient, we have brought global banking and investing to the fingertips of every Indian investor with an easy and hassle-free process.
“Our client set is swiftly increasing as we’ve started serving not just individuals, but businesses, wealth managers and institutions as well. This helps us lay the foundation for targeting the cross-border flow opportunity of over USD 700 billion for India and beyond. This investment is in the run-up to our pre-series A round,” he added.
Vishesh Rajaram, Managing Partner at seed stage venture capital firm Speciale Invest said, with this investment, Speciale will continue to fuel Winvesta’s efforts in redefining and innovating backed with excellence and great expertise.
“We at Blume believe that the International banking and investment/advisory space is ready for disruption, and this triggered our investment in Winvesta through our new initiative, the Blume Founders Fund”, said Sarita Raichura, Principal, Blume Ventures.