Fintech platform MProfit raises $2 Million from Zerodha’s Rainmatter, Enam, others
- ByStartupStory | January 19, 2023
MProfit, a fintech platform that allows investors and wealth professionals to track their multi-asset investments, announced a $2 million funding round in its first round. Rainmatter, Enam Holdings, Gruhas Proptech, Auxano Capital, and Samarthya Investment Advisors all participated in the round.
MProfit’s products allow users to aggregate their investment portfolios across asset classes and brokers in real time. MProfit’s proprietary technology, which can read trade files such as contract notes from 700+ stockbrokers and Mutual Fund CAS statements, significantly reduces manual effort in portfolio management for investors, family offices, financial advisors, and chartered accountants.
Nithin Kamath, founder & CEO, Zerodha & Rainmatter said, “We are happy to partner with MProfit as they are solving the challenge of enabling investors and wealth professionals to track multi-asset investments in one place. Consolidating one’s investment data across platforms can be tedious, and MProfit is helping significantly automate this.”
Today, Indians invest in a variety of asset classes offered by various financial institutions, making it difficult to obtain a unified view of one’s investments. MProfit, which was created to address this issue, allows users to auto-import transaction data from various brokers. MProfit provides key portfolio insights such as annualised returns (XIRR), asset allocation, and capital gains for tax purposes by standardising data from disparate sources.
“A key motivation for us to build MProfit is rooted in our belief that in India, the concept of tracking investments as a family is very important. Investors generally like to track not only individual portfolios but also their family’s overall returns in one place”, said Kiran Shah, co-founder & CEO.
MProfit, with a loyal customer base in over 300 cities, provides SaaS offerings to both B2C and B2B segments. MProfit, on the B2C side, assists investors, HNIs, and family offices in tracking consolidated investments for the entire family. MProfit assists IFAs, sub-brokers, wealth managers, and CAs in managing diverse client portfolios and providing high-quality reporting to their end clients.
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