5nance
| File:5nance-logo.png | |
| ISIN | 🆔 |
|---|---|
| Industry | Financial Services |
| Founded 📆 | Mumbai, India (2015) |
| Founder 👔 | |
| Headquarters 🏙️ | , , India |
Area served 🗺️ | |
Key people | Dinesh Rohira Ajay Arijit Singh Smruti Kanta Mohanty |
| Members | |
Number of employees | |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
5nance is an online Indian financial advisory portal and marketplace. The company has a robo-advisory platform and provides financial services like mutual funds, tax planning, loans, and insurance. The company was founded by Mr. Dinesh Rohira and Mr. Ajay Arijit Singh. [1]
Inception
The founders of 5nance.com, Dinesh Rohira and Ajay Arijit Singh, first met at HP where they worked together. While working in the finance sector, Dinesh noticed the challenges faced by Indians in the financial sector and how a lack of communication and knowledge was affecting the Indian financial sector. The idea for a new free robo-advisory fintech was soon conceived, and 5nance.com was launched on November 25, 2015.[2][3]
History
5nance is considered one of the first Indian fintech players to develop a robo-advisor service. The company benefited from the early 2017-18 boom of robo-advisory fintech companies in the country.[4][5] 5nance was also recognized for raising awareness and promoting the need for women's participation in the Indian financial sector and market. [6]
Business
5nance is a free platform for investors. The robo-advisory provided by 5nance uses algorithms to understand user financial behavior and provide advisory services. The company earns revenue by charging mutual fund companies, loan, and investment providers for their transactions. 5nance also offers a paperless process for quick and easy transactions for its users. 5nance.com has introduced multiple investment and loan products, such as Algrow, Loan Genie, and FITSIP.[7][8]
Funding
In its initial funding round, Innovage Fintech raised $3 million in angel and pre-Series A funding from High Net Worth Individuals (HNI) in Dubai and Private Pension Funds (PF) in Europe. The company was also considering raising $15 million in Series A funding from venture capital firms.[9][10]
References
- ↑ "5nance bets big on its robo advisory services launched". tech.economictimes.indiatimes.com. Retrieved 2019-01-18.
- ↑ "Five fintech firms for DIY investors". www.forbesindia.com. Retrieved 2019-01-18.
- ↑ "Winning Stroke: Interview with Dinesh Rohira, Founder and CEO, 5nance.com". www.businessworld.in. Retrieved 2019-01-18.
- ↑ "Robo-advisory: which one is for you?". www.livemint.com. Retrieved 2018-08-01.
- ↑ "Five fintech firms for DIY investors". www.forbesindia.com. Retrieved 2019-01-18.
- ↑ "Indian finance brands target women". www.warc.com. Retrieved 2019-01-18.
- ↑ "Product crack: www.5nance.com". www.livemint.com. Retrieved 2019-01-18.
- ↑ "5nance bets big on its robo advisory services". tech.economictimes.indiatimes.com. Retrieved 2019-01-18.
- ↑ "5nance.com plans to raise $15mn from institutional investors". www.economictimes.com. Retrieved 2019-01-18.
- ↑ "Innovage Fintech in talks to raise $15 m". www.thehindubusinessline.com. Retrieved 2019-01-18.
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