Cube Wealth, a wealth creation app for India’s professionals, has raised over US$2 million in equity funding from a scores of angel and seed investors based in Silicon Valley, Hong Kong, Europe, Singapore, and India.
Cube Wealth is an automated wealth tech app for Indian professionals that works on the concept of disciplined long-term wealth creation using the MAP philosophy, where ‘M’ stands for Multiple asset classes such as equities, mutual funds, P2P lending, gold, even charitable investing to build a well-rounded portfolio; ‘A’ for advisors; and ‘P’ for personalised human support for all members plus a private WhatsApp wealth concierge service for premium members.
The startup will use the funding to add additional asset partners and develop a network of premium sales/marketing partners and independent financial advisors across the country, who can service customers that demand more performance than the standard mutual fund and insurance options.
Cube was founded by Satyen Kothari (CEO), who has previously founded Citrus Pay. Citrus Pay was acquired by Naspers-backed PayU for US$130 million in 2016.
Kothari 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 one million Indian professionals financially independent via Cube Wealth.”
Beenext’s Sato added: “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.”
Kothari has spent the last eight years in India and prior to that 15 years in Silicon Valley and has successfully started companies in the areas of marketing automation, social e-commerce and strategy/design consulting. His career has included stints with several start-ups and larger companies such as Intuit, First Data, Cisco, AOL, Yahoo, frog design & Apple. He is an active angel investor, on the Investment Committee of Stanford Angels and Entrepreneurs (India), and has a Masters in Computer Science from Stanford University with a specialisation in tech entrepreneurship and HCI.