Investment will be used to grow the depth of the product and expand research in more markets in India
Cube Wealth, a wealth creation app for India’s affluent middle class, has raised over $2 million in equity funding from prominent international angel and seed investors from Silicon Valley, Hong Kong, Europe, Singapore, and India.
Specifically built for Indian professionals, Cube Wealth is India’s only automated wealth tech app that works on the concept of disciplined long term wealth creation using the MAP philosophy:
M= Multiple asset classes such as equities, mutual funds, p2p lending, gold, even charitable investing to build a well-rounded portfolio.
A = Advisors. Top tier SEBI registered advisors and RBI registered asset providers that help guide every user on the right portfolio set up based on their life situation, cashflow, current investments, and risk appetite.
P = Personalised human support for all members plus a private WhatsApp wealth concierge service for premium members.
Cube is founded by Satyen Kothari, who had previously founded Citrus Pay. Citrus Pay was sold for $130 million in 2016 in the largest fintech cash deal in India.
The Mumbai based start-up will use the funding to add additional asset partners and develop a network of premium sales/marketing partners and IFAs across the country that can service customers that demand more performance than the standard mutual fund and insurance options. Both Citrus Pay and Cube Wealth were started in Mumbai as Satyen believes this is the perfect centre that provides a combined balance finance and tech thinking for a fin-tech company.
Satyen Kothari, Founder/CEO of Cube Wealth, said, “We believe the hard-working Indian middle class deserves better wealth creation options and advice and service than the standard insurance policy or mutual fund that is sold to them today. All in an app that is simple to use and automates wealth creation for them while letting them have control at all times. Our mission is to make 1 million Indian professionals financially independent via Cube Wealth. With the backing of an amazing set of prominent fintech global investors who believe in our vision of transforming how wealth is created, we are confident that we will achieve this mission.”
Teru Sato. Founder, Beenext added, “I really enjoyed working with Satyen when he was managing Citrus Pay, and we are excited to back him and his team again at Cube. His passion for doing what’s right for the consumer in terms of design thinking and customer centricity makes him a special entrepreneur in my opinion. With Cube, Satyen is building on India’s growth story which is one of the most exciting ones in the world. The country has a large and aspirational middle class that deserves high quality products and services in all areas of life. We see huge potential in Cube Wealth as a leader in the fast-growing wealth tech market.”
One of the most successful names in the Indian fin-tech scene, Satyen is a serial entrepreneur whose prior experience includes founding Citrus Payments, where he led the overall strategy, product, user experience, marketing, funding, and strategic alliances to drive the company to a valuation of $100 million in 4 years and to an eventual sale for Rs 850 crores.