Wealthtech platform Centricity bags $4 mn in funding led by Burman family office
- ByStartupStory | September 14, 2022
Centricity, a wealthtech platform, has secured $4 million in a pre-seed fundraising round headed by the Burman family office, Shantanu Agarwal of LNJ Bhilwara Group, and Polaris Software founder Arun Jain. Other angel investors in the round included Devesh Sachdev of Fusion Microfinance, Rajesh Razdan of Devtron Labs, TBO co-founder Ankush Nijhawan, Purrshottam Bhaggeria of Filatex Group, Abhay Agarwal of Burman family office, and Pravin Jain and Navin Jain of Family Office.
Centricity is a wealthy technology firm founded in 2022 by Manu Awasthy that offers plug-and-play solutions for IFA professionals wishing to migrate into wealth management. So far, the company has created a comprehensive investment platform that provides a variety of services, such as a full-spectrum investment product marketplace, digital transaction capabilities, and thorough portfolio reporting and monitoring. Centricity provides its high-net-worth customers with a private wealth management platform. It intends to create a comprehensive open source financial services platform primarily for IFAs, external asset managers, and family offices to handle investment portfolios effectively.
The cash will be used to improve the startup’s product and sales teams. It will also utilize the funds to expand its technology sector and increase brand recognition.
In a press release, the business stated that it intends to launch 1,000-1,500 IFAs with a total transaction value of at least $1 billion in the next 24 months. In addition, the business intends to incorporate life and non-life insurance products, as well as mortgages, into its sophisticated technology platform.
“The plan for the next 24 months includes developing in-house asset management capabilities and a non-banking capital market finance company (NBFC). Our long-term vision is to establish Centricity as India’s largest B2B2C financial distribution brand with technology at the heart of the end-to-end business of financial products for wealth managers and end investors,” added Manu Awasthy, Founder & CEO of Centricity.
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