Fintech startup for millennials MoneyPlanned raises over Rs 2.5Cr led by IPV

Bengaluru-based MoneyPlanned is a fintech startup that aims to democratize access to comprehensive financial management and hyper-personalizing financial planning for people in the middle-class segment.

The startup today said it has raised over Rs 2.5 crore in a new financing round led by Inflection Point Ventures, a Gurugram-based angel investment platform.

The seed round also saw participation from Expert Dojo, Joseph R Saviano (Partner at Dot Capital, Newyork), Sameer Khan (Executive Director Corporate Treasury, DBS Bank, Singapore), along with a clutch of other strategic angel investors.

Founded in July 2020 by certified investment planners Sameer Shashank Gattupalli and Nikhila Putcha, who are adept in designing product experiences, MoneyPlanned says it offers a personal finance platform app for millennials that offers comprehensive financial goal planning, automated advice across asset classes, simple and easy transactions along with economic footprint consolidation.

With this round of funding, the fintech startup will focus on marketing and user acquisition, deepening the tech infrastructure, and expanding the tech and business teams.

“India has a large base of salaried people with more youngsters joining the workforce yearly. Financial planning is not a luxury anymore but a necessity; that’s one of the biggest learning from the Covid pandemic,” said Vinay Bansal, Founder & CEO of IPV.

The startup’s unique and innovative patent, authored by Nikhila and titled “System and Method to assist users in Financial Planning,” was granted by Indian Patents Office in July 2022.

The founders envision building the most advanced financial planning platform powered by emerging technologies like AI and blockchain that performs like an in-person financial planner securely and efficiently. It aims to build a proposed technology in the patent by 2023 to fully personalize and automate financial goals for earning millennials and GenZs in India.

“Thousands of urban millennials are using MoneyPlanned to plan & invest towards their financial goals,” said Sameer Shashank Gattupalli. “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,” Shashank said.

The startup said it offers a host of interconnected services like financial situation evaluation, portfolio and product recommendation, and expense and budget advice on its platform. It claims to have 10K weekly active users and helped users track goals worth Rs 6,500 crore.

MoneyPlanned said it aims to disrupt the large fintech market using a patentable workflow that helps users identify, set, and track goals. In addition to an integrated financial view, The platform also helps facilitate investments, loans, insurance, and tax planning.

The company, in a statement, said India’s fintech market stands at $400 billion. With over 84 million salaried employees, the sector is only expected to grow further, with people looking to grow their wealth.

However, only 27% of India’s population is financially literate, and 47% of the urban population has a financial plan in place. One of the primary challenges to building a financial plan and becoming financially literate is access to quality advisors and affordability. However, the ratio of advisors to investors is only 1:76000, which can be solved using technology.

The industry today stands at over $150 billion market for Robo-advisory and online financial products and is expected to grow at 26%+ CAGR and with an 87% adoption rate and is projected to hold a value of $480 billion by 2025, it added.

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