Winvesta, a financial services company, announced on Wednesday that it has secured initial funding from Speciale Invest, Blume Founders Fund, and Kunal Shah of CRED.
The sum raised, however, was not revealed by the firm.
Winvesta said in a statement that the new funding will help the business grow its activities, including adding new people to develop a world-class team and boosting innovation.
Umang Bedi of DailyHunt, Bahram Vakil of AZB & Partners, Rama Bijapurkar, a recognized board member, and Andre Mohamed, former head of Wealth and Trading for Revolut, are among the company’s current advisers and investors.
Winvesta, based in the United Kingdom, is a neobank that specializes in cross-border banking products and services, allowing Indians to create multi-currency accounts and invest worldwide.
Swastik Nigam and Prateek Jain established Winvesta in 2019 with the goal of making global banking and investing available to every Indian.
Winvesta claimed its clients may save, invest, and spend in more than 30 currencies, including USD, GBP, and EUR, to dispel the misconception that banking and investing abroad is solely for the ultra-wealthy. This allows them to keep track of all of their foreign funds in one location.
Winvesta also makes it easy for Indians to invest in global companies such as Apple and Tesla through a simple and secure approach.
For Indians, foreign banking and investment have been complex and expensive, according to Swastik Nigam, Founder and CEO of Winvesta. With the goal of making this smooth and comfortable, we’ve made global banking and investing accessible to any Indian investor through a simple and painless approach.
“Our customer base is rapidly expanding, as we’ve begun to serve not only people, but also corporations, wealth managers, and organizations. This enables us to build the groundwork for pursuing the USD 700 billion cross-border trade potential for India and beyond. This investment is being made in preparation for our pre-series A round” he added.
With this investment, Speciale Invest will help perpetuate Winvesta’s efforts in redefining and inventing backed by quality and tremendous knowledge, according to Vishesh Rajaram, Managing Partner of seed-stage venture capital firm Speciale Invest.
“We at Blume think that the international banking and funding market is ripe for innovation,” stated Sarita Raichura, Principal, Blume Ventures.