Winvesta Rasises Undisclosed Seed Round The new investment will help the startup scale its operations including hiring fresh talent to build a world-class team as well as bolstering technology
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The UK-headquartered Winvesta, a neobank building cross-border banking and wealth management that enables Indians to open multi-currency accounts and invest globally, announced on Wednesday it has raised an undisclosed amount as part of its Seed round from Speciale Invest, a Seed-stage venture capital firm, Blume Founders Fund, and Kunal Shah.
"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. We have always maintained a very high regulatory bar for ourselves and Winvesta recently received its neobanking license in the UK to continue building numerous products to serve India and the world. 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 $700 billion for India and beyond. We thank the investors for believing in us and our products. This gives us immense confidence to drive and strengthen our efforts in building a world-class platform. This investment is in the run-up to our pre-Series A round," said Swastik Nigam, founder, and chief executive officer, Winvesta.
The fresh funding will help the start-up to scale its operations including hiring fresh talent to build a world-class team as well as bolstering technology.
"We are excited to partner with Winvesta, who we believe is disrupting the financial services space by making global banking and investing accessible for Indian customers. With this investment, Speciale will continue to fuel Winvesta's efforts in redefining and innovating backed with excellence and great expertise," noted Vishesh Rajaram, managing partner, Speciale Invest.
The new investors join an elite set of advisors and investors 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.
"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," added Sarita Raichura, principal, Blume Ventures.
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's clients can save, invest and spend in more than 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, that they know, use and love, with a simple and compliant process.
