According to a joint announcement, 360 One WAM will purchase Swiss financial services titan UBS’s domestic wealth management division for INR 307 crore. By purchasing 20.5 million warrants at a price of INR 1,030 each, which must be converted within 18 months of the allotment date, the company will also acquire a 4.95% ownership stake in 360 One WAM.
According to the statement, 360 One will also purchase UBS’s residual loan portfolio, discretionary and non-discretionary portfolio management services, and local stock broking and distribution company. As of December 21, 2024, UBS has INR 26,000 crore in active assets under management.
Additionally, 360 One WAM and UBS have formed an exclusive partnership that will enable their clients to access each other’s wealth management services.
More Details of the Deal
Clients of both companies will have access to both onshore and offshore wealth management products as part of the UBS-360 ONE agreement, according to 360 ONE. According to the statement, the businesses would also look into possible joint ventures on investment banking and asset management services.
360 ONE manages $68 billion in assets and offers investment and financial guidance to over 7,500 affluent and ultra-wealthy families in India. In addition to the Credit Suisse division, UBS operates trading, international banking, and asset management operations in India, as well as a number of sizable service centres throughout the nation.
Co-head of UBS global wealth management APAC Jin Yee Young told an international media outlet that the agreement combines “complementary” aspects of the two companies. Mickey Doshi, the head of UBS India and a former employee of Credit Suisse, informed a media source that the company’s operations would be concentrated on investment banking and equities capital markets in the future.
Whether UBS will relinquish the local banking licence needed for the fixed-income business was not mentioned by Doshi. In 2013, UBS surrendered its Indian banking licence, but after acquiring Credit Suisse, it obtained a new one.
UBS Business Strategy in Asia
In contrast to its recent efforts to expand in other Asian wealth markets, UBS has adopted a wealth partnership approach in India. To develop services for its wealthy and ultra-wealthy clientele, it inked an agreement with Sumitomo Mitsui Trust in Japan in 2019 to establish a partnership that would be majority held by UBS.
UBS, which caters to wealthy customers in China, fully owned a securities joint venture in March of this year. Despite the growing number of affluent individuals in India, one of the fastest-growing economies, foreign private banks have encountered significant challenges in generating revenue in the country.
This struggle is primarily due to the fierce competition from deeply entrenched local actors and regulatory constraints, which have resulted in a significant number of banks exiting the market.
This article has been contributed by Sreepriya NS, Co-founder and Director, Entrust Family Office.
It requires more than just making money to thrive in life. It’s essential to ensure that there is a decent level of growth, stability, and longevity. Erratic investment decisions, volatility in the market, and economic recession may all drain even large assets if not bolstered by a designed financial strategy.
Asset protection as well as long-term financial security can be ensured with a carefully planned asset management plan. To fund and nurture generations, there must be a systematic and disciplined approach. A well-planned financial strategy will maintain investments aligned with individual endeavors, ensuring current and future fiscal security.
The key steps below will help you create a winning asset management plan –
1. Clearly Defining Investing and Financial Objectives
Establishing well-defined goals is the foundation of a successful financial plan. These goals facilitate a more concentrated investment approach, no matter what their greatest aspirations are, which might be to build a lasting family legacy, endow educational institutions, or ensure a secure retirement. A critical part of this process is budgeting.
Individuals are better equipped to make financial decisions once they have a clear understanding of their income, expenses, and savings. Resources are allocated well by managing a range of expenses and eliminating inefficiencies while maintaining a balance between lifestyle selections and financial obligations.
2. Follow a Disciplined Investment Approach
Investment decisions should be based on logic and strategy rather than feelings. Sticking to a well-planned, long-term approach to wealth management reduces risk and maximizes returns over time. Distribution of assets across different financial categories increases stability and growth potential.
3. Asset Allocation
It’s always preferred to diversify your investment portfolio across various asset classes. Each asset class plays a distinct role; fixed income is for stability, equity is for growth, and gold is a hedge against inflation and a haven during uncertain times. Additionally, there is real estate investment and insurance.
Year after year, different asset classes take turns to outperform each other. Hence, having an appropriate asset allocation helps you manage your wealth better with risk-adjusted returns.
4. Optimizing Your Tax Planning
Effective tax planning is significant for preserving asset storage. Structured tax–efficient investment strategies assist in minimizing financial liabilities while complying with regulatory changes. This leads to ensuring long-term financial growth and capital preservation.
5. Enhanced Insurance and Real Estate Planning
Insurance serves as a protective barrier against financial uncertainty, but real estate planning ensures that assets are transferred seamlessly to future generations. Establishing a will, trust, and succession plan will help minimize legal complications and ensure that prosperity is used as desired.
Asset management plans are not static. Regular checks are required to focus on changing economic situations, tax laws, and personal situations. Regular portfolio reviews help you stay in sync with your long-term goals. Many families lose their financial stability due to poor planning, uninformed decisions, or internal conflicts.
Research shows that many families avoid discussions about investment and financial capabilities, leading to a lack of motivation for future financial responsibility. Money discussions are becoming more and more common, but strategic investments still have obstacles.
7. Sustainable Investing
Sustainable investing not only syncs your values with your investment portfolio, but also potentially enhances long-term returns. The first step is researching and selecting investment products that concentrate on environmental, social, and governance (ESG) factors.
For example, focusing on ESG-focused exchange-traded funds (ETFs) or mutual funds to diversify your sustainable investments. Implementing this approach can assist in capitalizing on companies that are well-positioned for future growth, especially in areas like social innovation or renewable energy, potentially making way for stronger long-term performance.
8. Philanthropy
With immense wealth comes an opportunity to incorporate philanthropy into your wealth management plan. Multiple options like setting up charitable trusts or donor-advised funds allow you to make tax-deductible contributions while maintaining control over how the funds are distributed over time.
For instance, a charitable remainder trust can benefit you with income during your lifetime, with the remainder going to your preferred charity. This strategy assists in causes you genuinely care about and can deduct your tax burden, freeing up more resources for wealth growth.
9. Preparing The Next Generation
It is important to promote the next generation and have financial discussions. In the end, early financial education can prevent common pitfalls and promote responsible asset management. The elder generation plays an important role in the design of financial value within a family. Bringing children to prioritize long-term financial stability before short-term profits promotes responsible money management.
Family offices can assist here by supporting key inheritance assets throughout the investment cycle, notifying them in financial markets, and supporting portfolio management, succession planning, and governance structures. With the right approach, prosperity is preserved, expanded, and transformed into a legacy of stability and growth.
Maintaining a corpus is a journey, not the destination. It’s a process of consistency; in investing, saving and making informed financial decisions. Beginning early, focusing on protecting your assets, diversification, reducing taxes and managing debt, you’ll be looking at long-term financial success.
The answer is discipline, patience and a clear plan. Stay focused on your goals, adjust your strategy as needed and celebrate your success along the way. With time, your efforts will compound, paving the way to financial independence and lasting wealth.
The finance market in India is projected to grow by 14.02% from 2022 to 2027, resulting in a market volume of $19.55 billion by 2027. Lovak Capital stands out as a forward-thinking player, using AI-driven technologies and strategic collaborations with top fund managers to innovate in financial services. They plan to expand into new markets and significantly increase their user base, simplifying financial planning and enhancing client outcomes.
In this article, explore more about Lovak Capital, its founder, business model, challenges, and more.
Lovak Capital – Company Highlights
Company Name
Lovak Capital Pvt. Ltd.
Headquarters
Gurgaon, Haryana, India
Sector
Financial Services
Founder
Gaurav Dagaonkar, Meghna Mittal
Founded
2018
Website
lovakcapital.com
Lovak Capital – About
Lovak Capital is an innovative financial services firm dedicated to empowering individuals and businesses through comprehensive wealth management, investment advisory, and financial planning services. Their mission is to democratize financial intelligence, ensuring everyone has access to expert financial guidance and tools to secure their financial future.
Lovak Capital – Industry
Lovak Capital operates in the financial services industry.
The global financial services market size has grown strongly in recent years. It will grow from $31.14 trillion in 2023 to $33.54 trillion in 2024 at a compound annual growth rate (CAGR) of 7.7%.
Having started in 2018, Lovak Capital is already a leading player in mutual fund distribution and stock broking in North India. The company aims to achieve a 2% market share in the next three years.
Over the next five years, the financial services industry is expected to witness significant growth driven by technological advancements, increasing demand for personalized financial services, and a shift towards sustainable and ethical investing.
In five years, Lovak Capital aims to expand its services globally, integrating advanced AI-driven tools for better financial planning. In ten years, the company aspires to be at the forefront of the financial services industry, known for innovation and customer satisfaction.
Jyoti Bhandari is the Founder and CEO of Lovak Capital. She is a financial expert with over 25 years of experience in investment banking and wealth management.
Jyoti oversees the strategic vision and client relations, while the Chief Technology Officer (CTO) focuses on technology development and innovation.
Lovak Capital currently comprises 10 employees.
The company culture at Lovak Capital emphasizes continuous learning, innovation, and a client-first approach.
Hiring Philosophy: Lovak Capital seeks passionate individuals who align with their mission of financial inclusivity and innovation.
Lovak Capital – Startup Story
The idea for Lovak Capital was born from a personal experience of financial mismanagement. Witnessing the complexities and lack of accessible financial advice, Jyoti was motivated to create a platform that simplifies financial management for everyone and helps them make investments the right way and in the right solution best suited to their risk profiles.
Initial research involved market analysis and consultations with financial experts. A series of surveys and focus groups with potential clients helped validate the concept. This helped Lovak Capital cater specifically to high-net-worth individuals (HNIs) seeking personalized wealth management services and guidance in investment decisions across various asset classes.
The journey from ideation to prototyping began with brainstorming sessions and sketching out the service framework. Early prototypes were developed with the help of a small team of financial advisors and technologists. Jyoti’s extensive experience of over two decades in the evolving wealth management industry, across various market cycles, helped identify gaps and create customised solutions for high-net-worth individuals.
Early discussions with industry veterans and potential customers were overwhelmingly positive, reinforcing the need for a holistic wealth management service rather than a product-focused approach. Despite the existence of relationship managers and private bankers in the industry, customers expressed a desire for consistency in both advice and service.
Lovak Capital – Vision and Mission
Vision
Long-term: To become a global leader in personalized financial services, leveraging technology to provide unmatched client experiences and outcomes.
Short-term: To establish a strong foothold in key markets, enhancing our service offerings through continuous innovation and customer-centric approaches.
Core Belief
Lovak Capital believes in financial inclusivity and aims to bridge the gap between complex financial markets and everyday people, providing clarity and control over their financial well-being.
Motto
“Empowering Your Financial Future.”
Lovak Capital – Name, Tagline, and Logo
Lovak Capital Logo
“Lovak” signifies the blend of trust and growth in the wealth creation journey. The tagline, “Building meaningful portfolios,” reflects Lovak Capital’s mission to create solid portfolios that benefit both clients and society.
The logo of Lovak Capital symbolizes growth, stability, and trust, incorporating elements that reflect the company’s innovative approach.
Lovak Capital – Product/Service
Lovak Capital offers a comprehensive range of financial services, including wealth management, investment advisory, and financial planning across various asset classes such as direct equities, futures and options, mutual funds, debt instruments, and commodities.
The platform utilizes AI to analyze client data, delivering personalized investment strategies and financial advice. Lovak Capital utilizes the top equity broking platform provided by Motilal Oswal Securities to ensure a seamless trading experience.
Lovak Capital addresses the complexity of financial planning by making expert advice accessible and affordable, thereby helping clients achieve their financial goals.
The unique selling proposition of Lovak Capital lies in its AI-driven personalization, algorithmic portfolio management, and commitment to financial inclusivity.
Leveraging cutting-edge AI and algorithm-based solutions, Lovak Capital collaborates with technology partners to deliver tailored financial advice. The platform is built on a robust, secure, and scalable technology stack.
Initially focused solely on wealth management, Lovak Capital pivoted to a more comprehensive financial service model after recognizing the broader needs of its clients.
Lovak Capital operates on a distribution and brokerage model, focusing on comprehensive wealth management, investment advisory, and financial planning across various asset classes. Leveraging advanced AI-driven tools and partnering with top equity broking platforms, the company aims to simplify financial planning, making expert advice accessible and affordable while catering to the diverse needs of high-net-worth individuals and broader client bases.
Lovak Capital – Launching Company Strategies
Upon initial launch, Lovak Capital used a mix of social media campaigns, financial seminars, and referral programs to acquire their first 100 users. Effective channels such as social media and word-of-mouth proved particularly successful, leveraging the networks of the initial satisfied clients.
Lovak Capital – Customer Growth and Retention Strategies
They prioritize personalized service and continuous engagement through educational content and financial workshops, which have been instrumental in retaining clients.
The company achieved growth from 0 to 1000 users through effective word-of-mouth and referrals, partnerships with financial influencers, and collaborative joint marketing campaigns. Additionally, Lovak Capital invested in targeted digital marketing strategies to expand its client base.
Lovak Capital – Challenges Faced
Lovak Capital’s biggest challenge was establishing trust in a competitive market. This hurdle was successfully overcome by consistently delivering value and maintaining transparent relationships with clients.
Lovak Capital – Marketing Campaign
Lovak Capital’s “Financial Freedom Week” campaign, with free webinars and personalized financial assessments, proved highly successful in significantly boosting its user base and enhancing engagement levels.
Lovak Capital – Key Tools and Software
They utilise Zoho and Google Sheets for automating dashboards, enabling efficient data management and analytics within the organisation.
Lovak Capital – Future Plans
The company plans to launch new AI-driven and robo-advisory-based financial products in collaboration with top fund managers. Additionally, the company aims to expand into new markets and grow its client base to 10,000 users.
FAQs
What does Lovak Capital do?
Lovak Capital is an innovative financial services firm dedicated to empowering individuals and businesses through comprehensive wealth management, investment advisory, and financial planning services.
Who is the founder of Lovak Capital?
Jyoti Bhandari is the Founder and CEO of Lovak Capital.
What is the business model of Lovak Capital?
Lovak Capital operates on a distribution and brokerage model.
What are the products/services of Lovak Capital?
Lovak Capital offers a comprehensive range of financial services, including wealth management, investment advisory, and financial planning across various asset classes such as direct equities, futures and options, mutual funds, debt instruments, and commodities.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Betterment.
When it comes to investing, almost every individual expects not to know what he is doing. People expect to be confused about which investment option to consider simply because the traditional players have made it confusing. However, just because traditional players have designed the financial system in a certain way, it doesn’t mean it’s right.
Betterment is an America-based company that came forward to design the financial industry into something better. It helps people manage their money and invest it profitably. Read on to learn more about Betterment, including its founders, startup story, challenges, products and services, funding, growth, and more.
Betterment is an app-based independent robo-advisor that provides digital investment, retirement, and cash management services. The investing and saving application offer tools for spending, saving, and developing customized plans for the future. Moreover, users often focus on investing in cash reserves and ETFs to meet their long-term financial goals.
Betterment – Industry
Wealth management is an investment advisory service combining investment and financial counseling to address clients’ needs. The industry generally involves providing strategies to achieve financial goals, plan for retirement, estate, and legal planning, portfolio management, etc.
The global size of the wealth management market was estimated at $1.25 trillion in 2020 and is forecasted to reach $3.43 trillion by 2030, with a CAGR of 10.7%. Rapid demand for alternative investments, including commodities, private equity, intellectual property act, hedge funds, real estate investment trusts, etc., is the key driving force of the global wealth management industry. However, Covid-19 hurt the industry due to economic slowdown, highly volatile markets, and unpredictable global financial sectors.
Jon Stein and Eli Broverman are the co-founders of Betterment.
Jon Stein
Jon Stein- Co-founder and Board Member, Betterment
Jon Stein attended Harvard University for BA in Economics and Premedical Studies and Columbia Business School for MBA in Entrepreneurship. He is the Board Member of Demin and Valora and Advisor to the CEO at Solve Finance, SpinWheel, Setpoint.io, Concreit, Parallel Markets, and Treasury Interactive.
Jon co-founded Betterment and worked as its CEO till 2020. At present, he is the Founder and Board Member of Betterment.
Eli Broverman
Eli Broverman – Co-founder, Betterment
Eli Broverman attended Brown University for AB in Chemistry and New York University School of Law. He is the Executive Board Member at BitFinance and Adviser at Bloom Credit, Good Money, and Masterworks. Eli co-founded Betterment and Treasury. Moreover, he is on the Board of Directors at Betterment.
Sarah Levy
Sarah Levy – CEO, Betterment
Sarah Levy completed her graduation in Economics from Harvard University and post-graduation in MBA from Harvard Business School. She worked as Chief Operating Officer at Nickelodeon and Viacom. Currently, Sarah is the Board Member at Funko and Chief Executive Officer at Betterment, leading a team of around 400 employees.
Betterment Team
Sarah Levy – CEO
Raoul Bhavnani – Chief Communications Officer
Peter Lorimer – Chief Financial Officer
Kim Rosenblum – Chief Marketing Officer
Betterment – Startup Story
Jon Stein and Eli Broverman co-founded Betterment in 2008. Jon experienced bad investing behavior when he invested his money via seven different brokerage accounts. He constantly monitored his accounts and tried to time the market. But it resulted in wasting time, taxes, and transaction costs.
He wanted a service that could tell him what to do with his money and then do the same for him. But Jon realized that he needed to build this kind of service himself. He started focusing on the front end of Betterment, and his roommate Sean Owen, a software engineer, built everything, including Apache and Tomcat servers, MySQL database, and Java application for the website. Next, Jon needed to understand the regulatory landscape. It’s when he started a conversation with Eli Broverman, who was a securities attorney.
Jon and Eli met over a weekly poker game, and Eli was interested in commencing his own company. They both had lunch at a Dominican restaurant on Amsterdam Avenue, sketched a working arrangement, and suddenly were in business together. Sean, Jon, and Eli met Ryan O’Sullivan, who grew a retail clothing line called Le Tigre and sold it to Kenneth Cole. He joined Betterment as a BD partner.
In August 2008, Betterment got its four founding members, Jon, Seal, Eli, and Ryan. On January 29, 2008, the parent company for Betterment LLC and Betterment Securities, Betterment Holdings, Inc, was established in Delaware. After Ryan and Sean left the company as founding members, Jon and Eli worked on Betterment for a year.
And on May 26, 2010, Betterment was launched at the first-ever TechCrunch Disrupt and won the ‘Biggest New York Disruptor’ award. Within 24 hours, the company attracted around 400 customers. 800,000+ customers trust the company, and it has $36+ billion as assets under management in 2023.
Betterment – Mission and Vision
Betterment aims to help people live better by growing their money. Its mission is to provide the best possible solution to the question, “What should I do with my money?”
Betterment – Logo
Betterment Logo
Betterment released a new logo in November 2021 with an icon representing a rising sun.
Betterment – Business Model
Betterment is a robo-advisor that automatically determines the investor’s asset allocation based on financial goals, preferences, and risk appetite. First, an investor needs to tell the company what he wants to do with his money. Next, Betterment provides some recommendations and sets up an ideal account.
Once an investor’s account is built, the platform’s technology manages his money to help him earn more. Moreover, as the investor’s money grows and his priorities change, the platform evolves with ongoing advice and updates to help him stay on track. In last, the same investor can withdraw and use his money.
Betterment – Revenue Model
Betterment’s pricing for the “Investing” account is $4 monthly, and the “Crypto” account is 1% + trading expenses. The “Cash Reserve” and “Checking” accounts are offered for free.
Moreover, the company generates the most revenue from the portfolio management fees it charges as a percentage of total assets under management (AUM). In addition, Betterment charges interchange fees and commissions from partner banks and earns by selling phone consultations.
With Betterment, users can open Investing, Crypto Investing, IRAs and 401(k)s, Roth IRAs, Checking High-yield cash, and Trusts accounts. Furthermore, it offers different types of Investments, including Portfolio Options, Socially Responsible Investing, Charitable Giving, Tax-Smart Investing, 401(k) Rollovers, and Retirement Income.
The application provides access to multiple tools, such as Retirement Planning, All-in-one Dashboard, Track Your Goals, Rewards, and Refer-a-Friend Program.
Betterment – Challenges Faced
In April 2023, The Securities and Exchange Commission charged Betterment for material misstatements and omissions concerning its automated tax loss harvesting service (TLH), not providing clients with the notice of contract changes, and not maintaining certain necessary books and records. The company agreed to pay a $9 million penalty and distribute funds to affected clients as a settlement.
Betterment – Funding and Investors
Over 10 funding rounds, Betterment raised $435 million. Its latest funding round – Debt Financing Round, was conducted on September 29, 2021. 26 investors fund the company, including Kinnevik, Aflac Global Ventures, ID8 Investments, Citi Ventures, Bessemer Venture Partners, and Francisco Partners.
Date
Round
Number of Investors
Money Raised
Lead Investor
September 29, 2021
Debt Financing
2
$100 million
ORIX Growth Capital
September 29, 2021
Series F
12
$60 million
Treasury
April 30, 2021
Venture Round
2
–
SharesPost Investment Management
August 29, 2017
Secondary Market
1
–
–
July 21, 2017
Series E
4
$70 million
Kinnevik
March 29, 2016
Series E
8
$100 million
Kinnevik
February 17, 2015
Series D
5
$60 million
Francisco Partners
April 15, 2014
Series C
5
$32 million
Citi Ventures
October 3, 2012
Series B
4
$10 million
Menlo Ventures
December 1, 2010
Series A
9
$3 million
Bessemer Venture Partners
Betterment – Mergers and Acquisitions
Betterment acquired 3 companies, including Gradvisor on February 23, 2022, Makara on February 8, 2022, and ImpulseSave on October 18, 2013.
Betterment – Growth
Betterment’s revenue surged to $100 million in 2021, marking a remarkable 30% growth compared to the previous year. Moreover, the company’s AUM grew by 50% in 2020 and 18.5% in 2021. However, its AUM growth slowed to 1.2% YOY in the second quarter of 2022. Betterment’s post-money valuation in 2021 stood at $1.3 billion.
Betterment is an app-based independent robo-advisor that provides digital investment, retirement, and cash management services.
Who are the founders of Betterment?
Jon Stein and Eli Broverman co-founded Betterment in 2008.
Who is the CEO of Betterment?
Sarah Levy is the CEO of Betterment.
What is the pricing of Betterment accounts?
Betterment’s pricing for the “Investing” account is $4 monthly, and the “Crypto” account is 1% + trading expenses. The “Cash Reserve” and “Checking” accounts are offered for free.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Addepar.
With the advancement of technology, several companies are delivering financial services by implementing APO, AI, data analytics, and blockchain. Moreover, in 2020, the global fintech technologies market size was estimated at $110.57 billion and is projected to reach $698.48 billion in 2030, with a CAGR of 20.3% from 2021 to 2030.
Furthermore, Fintech has also made it possible for investors to make profitable investment decisions by providing access to important data. Several companies are striving to operate on this particular business model.
Addepar is a globally recognized platform serving hundreds of companies and individual investors every day to meet the demands of the digital age, where efficiency, speed, and data security are key for making informed investment decisions.
Let’s uncover important details about this company- how it started, its funding, investors, products and services, and growth.
Addepar is a software and data platform that is set up in 2019. Specializing in data aggregation, analytics, and portfolio reporting, the platform enables wealth and asset management for registered investment advisors.
With client presence in over 30 countries, more than 800 leading firms trust Addepar for more informed and data-driven investing and advice. Its platform aggregates portfolio, client data, and market for more than $4 trillion of assets.
Moreover, the company has 6 offices in Silicon Valley, Chicago, New York City, Salt Lake City, Edinburgh, and London.
Joe Lonsdale graduated from Stanford University with a degree in BS, Computer Science. Before working as a Founder and Chairman at Addepar, he held the role of board member at Strive for College and Chairman of the Board at OneHope Wine. In addition, he founded Palantir Technologies and is also working as General Partner at 8VC.
Presently, Eric Poirier is the CEO of the company and it employs more than 700 employees
Addepar – Startup Story
Joe Lonsdale was inspired to launch another venture in 2004 after founding a successful startup ‘Palantir.’ He came across a significant problem in the financial sector during the onset of the recession. He figured out that lack of communication between big banks resulted in a wide variety of formats which led to major inefficiencies.
Lonsdale decided that he is going to create a solution that would minimize the number of software systems and provide a single platform offering simplicity. So, he developed a prototype and then researched while working with small financial service providers.
When Lonsdale was satisfied with the product, he along with his team founded a company in 2009 to market it, named ‘Addepar.’ in 2012. t\The company expanded its target clients and included RIAs (registered investment advisers). Moreover, it came up with a sales and marketing campaign to attract large clients.
Furthermore, Addepar focused on expanding risk analytics and its customer portal in 2013.
Addepar – Mission and Vision
Addepar’s mission is to bring data, technology, and people together so that investors can make better, more informed decisions. Moreover, the company strives to power the global financial system to efficiently allocate capital and mitigate risk.
Addepar – Name, Logo, and Tagline
Addepar – Logo
The Addepar logo contains black and grey colors with simple geometric text. The black color signifies power, discipline, control, elegance, and authority. Gray, on the other hand, signifies neutrality, formality, and dignity.
Addepar – Business Model
When it comes to the business model, the company deals in a niche-specific market with a specialized customer segment. The offerings are primarily targeted at firms operating in the financial sector, including private banks, wirehouse teams, wealth advisors, large financial institutions, funds, and fund administrators.
Addepar simplifies its customers’ portfolio analysis and its solution enable users to view portfolios vertically, horizontally, and in-depth. This provides an accurate picture which further allows clients to better understand the interplay of multiple assets and how regular events can impact their portfolio.
Addepar – Revenue Model
Talking about Addepar’s revenue model, the company has one revenue stream, i.e., the fee it charges from its customers for providing analysis services on its platform. The fee varies with the amount of data being reviewed in a given period. It typically ranges between $50,000 and $1 million depending on the involvement of two important variables- investment and money.
Addepar – Challenges Faced
Addepar has been criticized for its program to pay employees higher salary and incentives to live closer to its headquarter just to motivate them to spend more time at work. For instance, the company offered a one-time payment of $300 per month. John Liotti, CEO of East Palo Alto community advocacy group Able Works stated the concern of gentrification of the neighborhood due to this program.
Addepar – Funding and Investors
Over 6 funding rounds, Addepar has been able to raise a total of $491.4 million. Furthermore, its latest funding round – Series F Round was undertaken on June 15, 2021, in which it raised a total of $166.3 million. It is backed by 18 world-class investors and Vika Ventures, D1 Capital Partners, WestCap, and Cota Capital are the recent ones.
Date
Round
Number of Investors
Money Raised
Lead Investor
June 15, 2021
Series F
3
$166.3 million
D1 Capital Partners
November 18, 2020
Series E
3
$117 million
WestCap
June 8, 2017
Series D
7
$140 million
8 VC, Harald McPike, Valor Equity Partners
May 13, 2014
Series C
8
$50 million
David O. Sacks, Valor Equity Partners
June 15, 2011
Series B
–
$17 million
–
April 19, 2010
Series A
1
$1.1 million
–
Addepar – Mergers and Acquisitions
It has acquired 4 companies – AltX., RCI., CapShift, and AdvisorPeak.
Addepar – Patents and Trademarks
The company’s intellectual property presently has 25 registered patents, primarily in the category of ‘Computing’ and ‘Calculating.’ Furthermore, it has 23 registered trademarks categorized into the ‘Advertising’ and ‘Business’ class.
Addepar – Partners
Its partner network is designed to deliver the best possible results for clients. A few primary partners of the firm are:
Charles Schwab
Wealthscape
Morningstar
Intellifo Redblack
eMoney
Salesforce
Mirador
PFI Advisors
Addepar – Growth
The average assets that are added to the platform each week for many consecutive quarters are worth $15 billion. The estimated annual revenue of the company in 2022 is $146.1 million ($185,900 per employee). Currently, its valuation stands at $2.2 billion. Moreover, the employee count increased by 53% last year.
Addepar – Awards and Achievements
Talking about the company’s recent awards and achievements, Addepar was recognized as a Forbes Fintech 50 for the 5th consecutive year and it received Fintech Award from Morgan Stanley in 2018.
Addepar – Competitors
Some of its competitors are:
Orion
Tamarac
Envestnet
Vise
Solovis
FAQs
Who is the CEO of Addepar?
Eric Poirier is the CEO of the company.
What is Addepar and what does it offer to investors?
Addepar is a platform that offers investment management and financial data aggregation services to investors. It provides tools for tracking and analyzing portfolios, as well as monitoring risk and performance.
What kind of clients does Addepar serve, and in what industries?
Addepar serves a diverse range of clients, including family offices, wealth advisors, banks, and foundations.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Savart.
Everyone yearns to make money and get rich. But, you simply cannot become wealthy with that increased paycheck. It all boils down to wealth management. Dave Ramsey rightly says, “money moves from those who do not manage it to those who do.” Money management, however, is not so simple. It requires knowledge, observation, expertise, and patience.
Savart, a fintech startup by Sankarsh Chanda,is here to simplifyinvestment managementfor you. Savart combines computing accuracy with the best of human intelligence. Savart advises over 100 crore rupees in assets and works with clients from over 30 countries. (As of January 2020)
This ensures easy, safe, and profitable investments through its award winning research methods. StartupTalky interviewed Savart CEOSankarsh Chanda, who started the company when he was just 18!
Savart is a wealth management platform that simplifiesinvesting in mutual funds, stocks, and bonds both online and offline. Savart combines machine accuracy and human intelligence to help its customers invest in stocks and mutual funds wisely. The company has a research team that does paper-based analysis, meets the management of listed entities, talks to dealers, suppliers, and customers to find out the strength of the entities/firms and take investment decisions accordingly.
Upon signing on its platform, Savart prompts the users to fill an EFG (Emotional Financial General) form. After the EFG analysis, Savart suggests suitable investment options for the user based on their needs and expectations. The user can also manually research and invest in instruments without any guidance. There is the option for users to choose investment goals and Savart then shows combinations of mutual fund, SIP, and STP plans for achieving these goals.
Savart’s services include:
Suggesting investment portfolios based on one’s needs, goals, risk appetite, etc.
Facilitates subscription and redemption of units by transmitting user’s money and instructions to AMCs based on instructions given by the users.
Securing user’s personal and financial transactions related data.
Lets the users track their investments.
Facility to undertake ‘KYC’ requirements.
One can also access Savart’s services through the Savart app. The app is available for both android and ios as well as on the web. The Savart apphas several interesting features and has received positive reviews from customers. One such feature is ‘round-up’. Through this facility, Savart stacks up its customers’ savings with loose change from every transaction and on the accumulation of a certain amount, the savings are invested into ETFs.
Savart strives to provide uncompromising advice and research to individuals and institutions irrespective of their quantum of investment. Savart envisions itself as an end-to-end investment services company that helps people realize their dreams & passion. Savart has its office in Hyderabad.
Savart – Industry Details
The asset management industry in India is one of the fastest growing segments in the world. Corporate investors AUM (Asset Under Management) stood at US$ 127.65 billion, while HNWIs (High Net Worth Individual) and retail investors reached US$ 99.05 billion and US$ 82.03 billion respectively in December 2018. India is among the top five countries in terms of HNWIs in the Asia-Pacific region.
The wealth management industry is likely to grow at 10-15% in the next five years.
Sankarsh founded Savart in 2017 when he was only 18 years old. He is a certified Research Analyst, investor, author and fund manager. Sankarsh’s book Financial Nirvana that he wrote when he was just seventeen, explains the art of investment and how to profitably manage one’s hard earned money.
Other core members of the Savart team are:
Aditya Ranade (Chief Investment Officer): Aditya worked with companies like RBS & Morgan Stanley before joining Savart.
Sridhar Vetapalem (Chief Financial Expert): He has 15+ years of fund management expertise.
Taruni Chandrasekhar (CFO): Taruni is a Chartered Accountant and Chartered Financial Analyst.
Pavan Kumar Kotamurthy (Research Analyst –Head): He is a Registered Investment Adviser, Research Analyst, MFD & ED certified, and was with NISM before joining Savart.
Prakash Raju (Rural Operations Head): He has 20+ years of expertise in rural marketing.
Savart – The Idea And Launch
The ideation happened when Sankarsh was only 14 years old. He read an article on“value investing” by Benjamin Graham which stressed on the importance of picking stocks trading for less than their intrinsic value for a profit opportunity. Sankarsh found the idea of value investing interesting and wanted to experiment with it. He convinced his elder sister and started trading through her Demat account. It began with just Rs 2000 that he got as a scholarship and saw his bets pay off quickly. Sankarsh continued thoroughly studying market trends and the balance sheets of different companies to build on his knowledge.
It was never an idea to startup or set up a company. It was a simple idea to give investment advice, build investment strategies and invest; over time, the idea of doing this at a scale and combining my philanthropic interests gave birth to Savart. – Savart founder,Sankarsh Chanda.
Sankarsh started freelancing and drawing investment strategies for individual clients when he was just 16 years old. He was seventeen when the Savart founder published his first book, Financial Nirvana. Meanwhile, Sankarsh joined the B.Tech. course in Bennett University, Greater Noida.
Ajay Batra, the Director of the Center of Innovation and Entrepreneurship at Bennett university gave Sankarsh the confidence to start his venture. Sankarsh invested the money he earned through various investments for launching Savart. He interviewed about 400 people from diverse economic backgrounds to understand customer requirements better before working on Savart.
Savart – Name, Tagline, and Logo
Savart stands for ‘The Art of Savings’.
Savart Logo
The reason we give importance to saving in our name is because it is the fundamental requirement before beginning to invest. And we believe it sounds good too. – Savart founder,Sankarsh Chanda.
Savart’s tagline is ‘Dream Up.’ The tagline is a reflection of Savart’s commitment to helping people ‘live’ better dream bigger. Savart helps to make quick money in the share market. The company’s aim is to help people realize their dreams and passion. The current logo was finalized upon after some iterations and wasn’t a one-time outcome.
Savart’s services range from financial planning to investment advice and goal planning. Savart follows a simple revenue model; for the services provided, customers are charged as per the following plans:
For Investments between zero to 4,00,000, the charges are Rs.1299/- per annum.
For Investments exceeding INR. 4,00,000 , the charge comprises 0.5%(upfront fee)+ 3% of pre-tax net profits(performance fee).
The company charges 1-2% as commission for mutual fund investments.
Savart – Customer Acquisition
Savart’s initial set of customers came from the team’s families and business connects obtained through referrals. Constant communication with the clients, keeping them in the loop, regular feedback collection, and constant improvements to its online platforms are some of the measures Savart takes to retain customers and uphold client satisfaction.
Savart – Funding
Raising funds has been an enriching experience for the Savart team, as said my Sankarsh. On May 6, 2018, Savart raised $100K in funding. Savart raised seed funding of $544.9K in November, 2021.
Date
Stage
Amount
Investor
May 2018
Pre-seed
$100K
Undisclosed
November 2021
Seed
$544.9K
BEENEXT, Yatra Angel Network
Savart – Challenges
Investing in people and finding the right talent has been a pain-point. Savart has upskilled several individuals to get the maximum out of its team as well as to help its employees move up the progress ladder. Sankarsh mentions that like every other startup, Savart also has downtime and that’s when the team needs some extra motivation. The customer first mindset uplifts everyone in times of distress.
During our meetings, we have an empty chair and assume our customer is there, watching us work. This makes sure that we don’t get distracted or demotivated. – Savart founder,Sankarsh Chanda.
The company never fails to celebrate milestones, no matter how big or small. These include feature release, team member induction, and positive customer feedback among others. Reaching out to the masses and help them invest and make money is Sankarsh’s personal motivation booster.
Savart seeks inspiration from different entities; it is inspired by companies like Zerodha in terms of reach and services, by the likes of Oaktree capital management in terms of their investment research and quality of the team. However, Savart differentiates itself from others through its deep-tech research, customer experience, and the niche customer segments it targets.
Savart – Achievements
Some significant achievements include:
Savart sold mutual funds worth Rs 3.5 crores and stocks worth Rs 2 crores within a month of launching its online platform.
The company is managing an AUM of around 100 crores.
Savart was featured as one of the most promising fintech startups in the world by Burnmark, London.
Delhi – NCR TiECoN’s QGLUE Design Entrepreneur of the Year
Savart – Partners
Savart has partnered with Bombay Stock Exchange for mutual funds. It is also licensed as a Registered Investment Advisor by SEBI.
Savart is not a broker. So, it has partnered withUpstox, a Mumbai based discount broking firm , for final transactions. Savart is looking forward to partnerships with some other digital brokers. The startup is also in touch with banking correspondents to enhance its offline presence.
According to Sankarsh, a mentor is one who adds direction and motivation to the business, offers continuous constructive criticism, and helps build the right culture for the organization. Savart is being mentored by the following experts:
Ajay Batra: Mentor and Business Adviser, Director Bennett Hatchery, ex-Citibank. It was Mr. Batra who gave Sankarsh the confidence and support to think of entrepreneurship, and is mentoring Savart since day one. Sandeep Kataria: Ex-Marketing Head, Voonik and CureFit. Hemkumar Vajjha: Chief Technology Adviser MD, Impetus Solutions. Venkat: Development Head – Tech, Impetus Solutions, 25+ years of tech expertise.
Savart – Future Plans
Savart is all set for expansion and growth. Savart’s major bucket list items for the future are:
Opening offline stores.
Installing automated investment machine. The machine will be set up as an offline kiosk and users will be able to make investments using a debit card or cheque.
Making the Savart platform available in languages like Hindi, Telugu, and Gujarati.
Savart – FAQs
Who is the CEO of Savart?
Sankarsh Chanda is the Founder & CEO of Savart.
How much is the Net worth of Savart?
Savart net worth is 100 crore rupees in assets (As of January 2020).
What is Savart?
Savart is a wealth management platform that simplifies investing in mutual funds, stocks, and bonds both online and offline. Savart combines machine accuracy and human intelligence to help its customers invest in stocks and mutual funds wisely.
Who is Sankarsh Chanda?
Sankarsh Chanda is the Founder & CEO of Savart. He also launched Stardour – a SpaceTech company.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Cube Wealth.
It’s rightly said wealth preservation is as important as wealth creation. It takes great understanding and deep insights to strategically manage the wealth that you’ve created. And it’s not necessary that an individual can do it all on their own. Hence to extend professional wealth management services, Cube Wealth was founded by Satyen Kothari, who had previously founded Citrus Pay, which was acquired by PayU for $130 million in 2016.
The startup was envisioned by the founder with a simple vision i.e.,’ Simplifying Wealth Creation for Busy Professionals.’ Cube Wealth provides comprehensive portfolio management solutions to help busy professionals achieve their goals through investments. The app helps individuals to invest in multiple asset classes including equities, mutual funds, P2P lending, gold, and even charitable investing to build a well-rounded portfolio.
Cube Wealth is a subscription-based automated wealth technology application that works on the concept of disciplined long-term wealth creation. So the basic idea is to simplify access to quality investments for professionals. The biggest convenience that Cube Wealth brings for its members is having their entire portfolio managed under one mobile application & being managed by money managers with decades of experience. Cube Wealth gives each consumer access to services that were only available to High Net worth Individuals to date. Users pay no charges for India investments, and can start with as little as Rs 5,000 in SIPs.
A non-refundable 1% transaction fee from retail investors and 2% from institutional investors is charged on the loan amount disbursed. This is deducted from the first EMI. There are no additional fees to invest in P2P lending through Cube.
Cube Wealth’s interests are aligned with their customers. The company follows a disciplined approach to advising clients based on their needs & investment timeframe. The Cube Wealth application has a search function that any user can try based on their ability to take risks and timeframe to see the best options for them. All the options are shown in a normalized fashion with the same elements of risk, timeframe, return rate, liquidity, etc. All the mentioned parameters make it simple for users to compare and pick a product that is ideal for them.
Cube Wealth provides access to all of the curated asset options and dedicated Wealth Coach to each of the members. Non-members can download the app for free and get one free wealth consultation. This application gets industry-standard commissions from the asset managers.
It’s our promise to our customers that we will not sell you anything based on the commission we get – rather, it will be based on what is right for you. says the founder of Cube Wealth.
At Cube Wealth, they advise all their customers that before investing in anything they should set up an emergency fund in cash and cash equivalents. As anyone with expertise in the industry would say that the commission earned is so small that even the costs for processing the transaction are not covered in most cases. But Cube Wealth recommends this as step one because it is the right thing to do in your investing journey.
At Cube Wealth, the investors get four magic ingredients:
A dedicated Wealth Coach: The investor gets a dedicated Wealth Coach who will provide personalized guidance on how to think about finances based on the life stage, risk tolerance, and existing investments.
Top Tier Investment Managers: This app gives access to top money managers in India who have over 10+years of experience in creating wealth for Ultra-rich and have managed over $2 billion. Cube Wealth has hand-selected these managers based on their track record and quality.
One Simple App: One app to simplify, track and automate all the investments. One can invest & manage wealth creation in a few simple steps.
Holistic portfolio management: The Wealth Coach assigned to the individuals will do a detailed portfolio analysis to create the best portfolio to be invested in.
In this era of data explosion, there are a lot of applications helping an investor to invest in certain specific investments & which impact the overall portfolio for the investor. Cube Wealth’s USP is simplifying the wealth creation process to make it available for everyone, and to handle the entire lifecycle of the investments from short term savings for a wedding or an MBA next year to long term savings for retirement or buying a house.
Cube Wealth – Founders and Team
Satyen Kothari is one of the most successful names in the Indian fintech industry. With notable achievements on his name, Satyen is the Founder and CEO of Cube Wealth. But Cube Wealth is the second brainchild of this brilliant entrepreneur, the first being Citrus Payments. Citrus Payment’s overall strategy, user experience, product placement schemes, and strategic alliances drove the company to a valuation of $100 million in 4 years. All in all, he’s a genius serial entrepreneur.
Satyen Kothari, founder Cube Wealth
In a short span of 18 years, Satyen Kothari has successfully started companies in multiple segments and industries including areas of marketing automation, social e-commerce, and strategy/design consulting in Silicon Valley and India. Also, the man has a very enriched experience of working with start-ups and relatively larger companies like Intuit, First Data, Cisco, AOL, Yahoo, frog design & App.
This brilliant entrepreneur is also an angel investor. Satyen has invested in 14 companies, all in the versatile spaces of marketplaces, payments, solar, education, and payments. This serial entrepreneur has a Masters from Stanford University in technology, entrepreneurship, HCI, Computer Science and a BE in Computer Science and Engineering from Bombay University.
The Cube Wealth team discusses the ideas and talk about what is going on in their lives, in the world, in fintech, and at Cube. This team has no ranks, only roles. The daily lunch routine helps them establish this sense of equality. It’s this equality that makes the conversation free-flowing and rich. And yes, even the quieter engineers contribute! The Cube Wealth team knows one another well, has strong bonds and likes each other too. They generate ideas very organically as a team.
Our single biggest decision on our business was made at lunch thanks to a debate on who we thought we were, who our customers thought we were and who we wanted to be – Satyen quotes
It was 2016 and Satyen had just sold Citrus Pay, the last company that he had founded, for $130 million. Suddenly he was surrounded by all types of wealth and asset managers. He then realized that the wealthy have access to amazing financial advice and some fabulous asset managers.
In recent years, there has been a steep rise in the number of people looking to invest in assets such as mutual funds, equities & other instruments. With this surge in the numbers, also came in a lot of companies providing misleading investment advisory services & instruments which resulted in people losing their money due to the incompetence of the advisors. Also, the investors were given wrong advice. All this was because the best of advisors were only limited to a particular set of HNWIs and UHNWIs.
After speaking to hundreds of senior professionals & entrepreneurs, he realized that a) People are mis-sold investment products b) They don’t have access to quality money managers & assets c) They don’t have time to research & build their portfolio
“How do I make the same quality of advice and access to the same top-performing asset managers possible for everyone?” was the thought that germinated the Cube Wealth seed in Satyen’s mind.
Satyen felt a strong sense of injustice because he always needed this quality of advisory but only the very rich could access them. And he wanted to change that. He had also discussed it with investors from Singapore, US & Japan about the product & need for high-quality products & services to the large & aspirational middle class in India.
Cube Wealth – Name, Tagline and Logo
The name ‘Cube’ was picked because it is a simple yet multi-dimensional and visualizable physical object. In wealth management, a lot of dimensions determine the result of returns. And yet at any time, only one side of that complex equation matters to the user – the money that an investor may be saving to buy a house, or to park extra money for the long term. Cube focuses on that singular aspect that matters to each customer while handling all the other dimensions of the problem space elegantly.
Cube Wealth logo
Cube Wealth – User Acquisition
From the beginning of the Cube Wealth application, the team has focused on maintaining the 3i approach internally: Integrity, Intensity & Intelligence, which is always about being transparent & providing the highest value to the customers.
Every customer of Cube Wealth gets only the best of investment managers from around India. The team does a thorough due diligence of each investment manager who is impaneled on Cube Wealth. They look at their investment thesis, past performances, leadership teams, assets under their management, investor support processes and many more such attributes. Last but not least, the team researches and tests every investment with their own money and handpick the top-performing advisors.
Cube Wealth was Initially only available to members on an invite-only basis. This helped them to create a strong referral base & spread the Cube Investment Philosophy. The team had majorly used channels such as Linkedin, Twitter, and PR. The whole process was catered towards providing the complete portfolio experience to users.
The most important factor which helped Cube Wealth distinguish themselves in the market was the exemplary customer service experience which helped them retain & acquire new users. They have a two-staged model in place for customer service:
For every customer, the idea is to help them build an ideal portfolio for wealth creation with both short term & long term assets. Cube wealth does a complete portfolio analysis for the customers & understand their detailed requirements before providing any allocation advice. After this, it comes to step one. They ensure that all the investor’s money is parked only in high-quality assets that are mapped to their goals. Lastly, they also have a function to automate regular investments via the Cube Wealth’s Super SIP feature. All these steps are critical – analysis, quality recommendations, and disciplined regular investing – to place the customer on track towards a healthy and wealthy financial future.
After acquiring the first hundred customers, Cube Wealth doubled its efforts towards referrals, press releases & spreading awareness on social media. The fundamental strategy is to provide maximum value to the customers who use the Cube Wealth application.
Cube Wealth – Business Model and Revenue Model
Currently, Cube Wealth has not worked out a fully functional revenue model. the reason being that all the users can avail the services for zilch cost. Also, the personal fund manager advice service is issued to the users without any additional charges. The company is currently earning commissions from funds when an investor commits to a long-term plan of around ten years.
“Since we have just started, we are focusing on creating the habit among users to invest, and we teach them how and where to put their hard-earned money to build a rounded portfolio,” Satyen said.
Cube Wealth – Startup Challenges
The biggest challenge in the current wealth management sector is the Human-centric processes, time is taken in KYC, and due diligence is a few of the factors which do not allow fund houses to focus on small retail investors. Also, with multiple advisors & multiple investment products, people tend to often overlook the value of the investment portfolio as a whole.
For solving these problems, Cube Wealth has The Triangle Strategy.
The Triangle Strategy Followed by Cube Wealth
The base of the triangle is the Cube Wealth app, which is an automated investment platform. It helps investors get easy access and analysis to all the asset classes in their existing portfolio, in one place.
In the digital era, when it comes to investment, the human element is important.
And Cube Wealth have catered it through phone service teams, WhatsApp groups, as well as teams sitting in five different cities as of now.
Adding top-tier SEBI-registered advisors and RBI-registered asset providers that help guide every user on the right portfolio for their needs, cash flow, current investments, and risk appetite.
Cube Wealth – Competitors
There are applications like Paytm Money and ET money operating in the same market. But Cube Wealth is different from these competitors. The reason being these two companies mainly focusing on mutual funds and mostly catering to first-time investors.
The company raised USD 2 million in October 2018 in its Series A round from a handful of investors, including Singapore-headquartered venture fund Beenext, Japan-based Asuka Holding, and the US-based 500 Startups.
On june 1st 2020, it announced mid-series funding of $500,000 led by Satyen Kothari, founder of Cube Wealth. Other participants in this round include Singapore-based venture fund Beenext and Japan-based Asuka Holding.
Date
Stage
Amount
Investors
21st October 2018
Series A round
$2 million
Beenext, Asuka Holding and 500 Startups
1st June 2020
Mid Series
$500,000
Satyen Kothari, Beenext, Asuka Holding
The funds have been used to grow & scale the company in India’s top cities like – Mumbai, Bengaluru, Hyderabad, Chennai, and Pune—and also expand to Europe and America to tap the Non-Resident Indians there.
Cube Wealth – Growth
Currently Cube Wealth has offices in Mumbai, Pune, Bangalore, Chennai & Hyderabad. Cube has effectively simplified and automated the lives of members across 26 cities and 5 countries in their journey of wealth creation and management.
Cube Wealth is trusted by many senior professionals from companies like Google, Amazon, Microsoft, IBM, Deloitte, KPMG, & many more.
They have partnered with top wealth advisors in the country like Purnartha, Wealth First, Ambit, Alchemy, Motilal & Oswal among others.
Cube Wealth – Future Plans
The company currently curates 17 investment options for its users, who can start investing with as little as INR 15,000 (USD 200) to as high as a few crores (one crore is 10 million rupees, or about USD 150,000).
The investment portfolio on Cube Wealth’s mobile app includes mutual funds, stocks, equity, and peer-to-peer (P2P) investments, among others. Recently, the company has also made stocks listed in the US and other countries, such as Apple, Microsoft, Starbucks, and a few others, available for Indian investors who can put a maximum of USD 250,000 into non-Indian stocks every year.
In the near future, they plan to monitor & add more efficient investment products to help users have a complete portfolio.
Cube Wealth is a digital wealth management service provider that offers busy professionals investment options through its app along with expert advice to achieve their investment goals.
Is Cube Wealth app safe?
The Cube Wealth app is safe and reliable for mutual fund investments.
Is Cube Wealth free?
There are no additional fees to invest in P2P lending through Cube.
Who is the founder of Cube Wealth?
Satyen Kothari is the Founder and CEO of Cube Wealth.
What is the cube wealth charges?
Cube wealth charges 1% transaction fee from retail investors and 2% from institutional investors on the loan amount disbursed.
Elon Musk had always been in the lime light and lately has been facing a lot of criticism due to the cryptocurrency market as well as questions raised on his sustainability projects. The most recent criticism faced by him was about non payment of taxes and very little payment of taxes.
However, any tweet posted by Elon Musk had always been the headlines of the news, even the recent tweet as well. Elon Musk had gone to Twitter and tweeted that he would want to sell his last remaining house. Let’s look at why he would want to sell his house.
The Chief Executive Officer of Tesla, Elon Musk had conveyed through Twitter that he is going to sell his last remaining house. The tweet was posted on 9 June 2021 which is a week after Elon Musk and other billionaires were criticized for the payment of their tax returns.
Yeah, sold my houses, except for 1 in Bay Area that’s rented out for events.
Working on sustainable energy for Earth with Tesla & protecting future of consciousness by making life multiplanetary with SpaceX. Also, AI risk mitigation with Neuralink & fixing traffic with Boring.
Elon musk said that he had decided to sell his last remaining house and added that it is a special place and would want to find a large family who would want to live there.
He conveyed that he had only one house left in the San Francisco Bay area which is being rented out for events to be held and added that if he would sell it, the house would see a lesser use until and unless it is bought by a large family.
Elon Musk had mentioned through his tweet which said that he had sold all his property and houses and there was only one left in the Bay area of San Francisco which is actually rented out for events to be held.
He further added in his tweet that he is working on sustainable energy on Earth with the help of Tesla, protecting the future of consciousness by trying to make life multiplanetary by working on SpaceX, working on AI risk mitigation through Neuralink and fixing the traffic faced with The Boring Company.
The Chief of Tesla, Elon Musk had announced about his plans to sell his property more than a year ago. This was a step taken by the him in order to cut down the criticism he faced regarding his wealth. However, it was found the within the span of few days he had put two of his properties for sale in the market.
One of the major reasons was because at the beginning of June 2021 Elon Musk, CEO of Amazon, Jeff Bezos and the Chairman of Berkshire Hathaway. Elon Musk had been criticized for paying a very little amount as Income Tax returns when compared to the wealth they possess. This was regarding the citing of valuable resources by the Internal Revenue Service Data on Tax returns for the thousands of Wealthiest Americans.
It was found that Elon Musk had paid no income taxes in the year 2018 and had paid around USD 70, 000 in the years 2015 and 2019. After the report from Pro Publica, Elon Musk had conveyed that he would keep paying the Income Tax in the state of California with regards to his stay in the place.
Elon Musk’s house in Boca Chica
Elon Musk had moved from California to Texas the previous year and conveyed that he rents a property which is estimated to be around USD 50,000. It is a house in Boca Chica from the Space Exploration Technologies Corp and also has a launch site in the area.
Conclusion
Elon Musk had been criticized for an innumerable amount of reasons lately and the most effective was the video that was released by the Anonymous group which had exposed a lot of controversies against the billionaire.
FAQ
Why Elon Musk sold his houses?
One of the reasons that Elon Musk sold his houses could be to cut down the criticism he faced regarding his wealth.
What is the Net worth of Elon Musk?
The estimated net worth of Elon Musk is 15,320 crores USD.
How much is Elon Musk’s house worth?
Elon Musk sold a contemporary 9.309-square-foot mansion with six bedrooms and seven bathrooms for $29.72 million. He also sold a Colonial-style home for $6.77 million, and a third small property for $4.43 million.
StartupTalky interviewed Mr. Milan Ganatra, a prominent face in the wealth management community to get his professional opinions and views on the Fintech Industry in India. He brings with him more than two decades of experience in financial services. This serial entrepreneur and investor founded Miles Software, a path-breaking company in the fintech space.
As an individual, Milan Ganatra believes that life is a beautiful journey where it is essential that one constantly grows, gains experiences, and learns new subjects. Milan continues to believe, despite increasing competition, that fintech has enormous potential. With a solution-oriented mind, he is interested in finding like-minded partners with whom he can invest in ventures within the sphere of fintech. A prime example of this is his investment in Financepeer and Finalyca after his exit from Miles Software.
His eagerness to explore urged him to invest and form a disruptive fintech platform – 1Silver Bullet, which provides gateway infrastructure for a range of tech-based avenues such as Edtech, Agritech, Insurance, Traveltech among others. Milan is a member of the Advocacy & Knowledge Management Committee for the Indian Institute of Alternative Investments funds, as well. He also consults several banks and financial institutions. Known for his dedication to his profession, he is always excited to hear new ideas, invest in new projects, and offer innovative solutions.
Let’s see what Mr, Milan Ganatra has got to say on the Indian Fintech Ecosystem in the post ahead!
1. What is the main motto of 1Silver Bullet? How does it work?
With 1Silver Bullet we are trying to democratize the digitization of the financial space. Despite the recent emphasis on digitization, there are still glaring gaps that neither incumbents nor fintech have managed to cross over. With 1Silver Bullet our effort is to lay down the infrastructure and provide a well-thought digitization framework that can help these organisations to transform their legacy systems in a smooth, efficient, and time-bound manner. We lay down the framework and provide them with the tools so that they can focus on their core business.
2. According to your expertise & knowledge, what are the top trends you’ve witnessed in the Indian FinTech ecosystem?
The most striking trends in the fintech ecosystem are centered around how these new-age companies have disrupted the status quo. They quickly seized the ground from incumbent players by introducing technology to improve and simplify processes. The three topmost fields where we saw fintech companies make their mark are:
Payments: Apps like GPay and Paytm are some of the most popular payment apps. They completely revolutionized how people in India make payments today
Banking: The success of fintech shows how banks have no choice but to keep up with the pace set by these neo banks. While most of the neo banks have an anchor point, like investment or SME, what they offer is a holistic experience.
Investment or brokerage:Groww, Zerodha or Upstox offer a completely different experience to investors, making it more democratic, accessible, and easy-to-use than any other traditional means. They have opened access to users who are tech-savvy willing to explore investment options that otherwise would sound complex. Consequently, they have grown very quickly in a very short period.
3. What change did you witness in the Fintech Industry of India in the pre & post-covid era?
The COVID crisis is a watershed moment in our history and it has left an undeniable impact on every aspect of our life. The fintech industry is no exception. In general, we have seen that digital platforms found a wider acceptance with the spread of digitization and there is good reason to stay bullish about the future.
A recent report by Matrix Partners and McKinsey & Company shows that fintech across different segments have experienced mild to major disruptions with the lending sector being the most affected. In wealth management and insurance, we have seen some positive moves. The pandemic has also forced some segments to put a hold on their new products with 50% of the neobank delaying product launches. But these disruptions notwithstanding, the outlook is quite optimistic on future growth. This comes from an increasing acceptance of fintech and the wide adoption of technology across sectors. For instance, incumbent institutions like banks are now tying up with fintech to improve their digital presence, boost reach, and create a more efficient delivery of products.
Fintech Industry
4. How can one keep up with the growing usage & advancement of technology in the Fintech space?
What is considered cutting-edge tech today will get obsolete very soon. The only way to keep up is through investing in continuous Research & Development (R&D) and keep upgrading the tech stack. The other equally important aspect is the service. User expectations change with time and with increasing competition. We have to keep improving and innovating. The agility to disrupt yourself is the key mantra for any fintech to survive. It must have the agility to adapt, the will to improve, and the tenacity to keep looking for a way forward.
5. Highlight the role of AI / ML- driven performance analytics in the fintech space
Artificial Intelligence and Machine Learning have transformed the fintech space and will continue to be the drivers in its growth. The evolution of Robo-advisors and its growing impact on wealth management is a perfect example of how these technologies can create a revolution. But there are many other myriad ways in which we use AI/ML to create more efficient and secure services while improving the accuracy of our processes. Something as simple, but critical, like automated customer support, rely on AI/Ml to reduce human intervention, gather data, create a more efficient, and quicker turnaround for the customer. But it’s not just performance analytics, AI/Ml is a game-changer when it comes to predictive analytics.
6. What do you think is the future of the Fintech space?
Given that India has the highest fintech adoption rate in the world, we can safely predict a bright future for the industry. In Asia, the Indian fintech industry has already pipped China to lead investments with close to $286 mn from 29 deals, against China’s $192.1 mn from 29 deals in Q1 2019.
Despite the COVID-19 slowdown we can expect an annual growth rate of 20.2% till 2023. We may need some course correction in the short term to counter the impact of the pandemic, but in the long term, I see fintech gaining more and more ground as digitization becomes the norm.
7. How effective is the role of Robo Advisory in Investment management? What does the future behold? How will it impact the employment of potential prospects?
Robo-advisors are the most efficient online investment management services that employ mathematical algorithms to offer financial advice with nominal human intervention. The AI helps manage clients’ assets in a structured and strategic manner. It also understands and predicts investor behavior. This helps build a comprehensive investor profile giving in-depth and accurate information on the investor liabilities, spending patterns, and likely behavior. While it does everything in an automated fashion, the human interface is crucial to monitor the performance from time to time. We cannot say that it will eliminate human advice.
“Humans and machines will work in harmony in the space of investment advisory”
In terms of its impact on skills in the wealth management industry, we are already seeing a greater demand for technical training to work with Robo advisors. We will need coders, analytic experts, and wealth managers who can work with data, AI, and machine learning.
8. From ideation to evolution & ultimate revolution – how can one be successful in this journey with growing technological advancement in the fintech space?
Like any other revolution, success always begins with an idea. But it does not necessarily have to be unique. Some of our most successful businesses today are testament to the fact that it is rarely the first-mover advantage that works. What takes an idea from its germination to a decisive success, is the execution. When it comes to fintech, we first see if the concept simplifies a complex process, if it makes the life of a consumer easy.
Next, we see if it can be scaled up. Then comes the hard work of fine-tuning the initial concept. We have to continuously listen to the customers, understand their pain points. The revolution comes only when we provide the customer with a unique and amazing experience.
“There is no magic and no short-cuts here, just hard work”
9. How safe is the customer data in Fintech space? How do you suggest customers distinguish a legitimate fintech platform from a fraud/illegitimate/unregistered?
The safety of consumer data is the most serious issue facing the fintech industry and it must be addressed urgently if we want to keep our momentum and gain wider acceptance. To avoid falling for a fraudulent fintech, consumers are advised to stay vigilant. Beware of any platform that tries to impose a quick decision, does not carry out standard verification procedures, is unclear on its fee, or does not carry a physical address on the website. At the very least it should have a secure https:// web address.
But there is undoubtedly a larger and more fundamental problem of safety that we face today, which can make a serious dent in our trustworthiness in the industry as a whole. We need a singular tech-focused regulator that can enforce compliance, not the current fractured structure that stays divided between RBI, SEBI, and IRDA. We must hold fintech responsible in the way we hold banks liable. Until a regulator steps in (as it eventually will), responsible fintech should follow best practices, such as disclosing vulnerabilities, to reassure customers.
10. With your recent investment in 1Silver Bullet & Finalyca, Are you planning to invest in any more upcoming fintech startups or thinking about a whole new yet another innovative venture?
I am exploring completely new domains. I have recently invested in Halaplay, a part of Nazara Technologies which is a listed Indian gaming and sports media platform. Online gaming is an interesting space to grow and thrive in. A new venture is something I will talk about when I am ready to announce it.
11. How can one potentially connect with you to either present ideas, get innovative solutions/mentorship or investment and stand out from the crowd?
12. How do you scrutinize the list of startups before making an investment? What do you expect?
When we evaluate a startup for an investment, there are a few factors we are looking for. These centre around the founder, the concept, and the founding theme. The founder’s passion and commitment towards their idea is the first thing we check. Then comes the potential of the concept in terms of its scale. Does it address a generic or exemplary issue? Finally, we come to the founding theme and its clarity. Our focus is on the planning involved, whether it is detail-oriented and quality conscious.
13. From Miles Software to 1Silver Bullet – Your out-of-the-box ideas & innovations is commendable! What would you advise the budding fintech platforms?
“If you think you have an idea, come out of your comfort zone and pursue it. There is no better time than today to pursue your dream. You may have to go through some struggle but believe in yourself. Be passionate about your idea”
Conclusion
The Indian Fintech ecosystem has seen tremendous growth, even during the pandemic times. Given that India has the highest fintech adoption rate in the world, we can safely predict a bright future for the industry. In Asia, the Indian fintech industry has already pipped China to lead investments with close to $286 Mn from 29 deals, against China’s $192.1 Mn from 29 deals in Q1 2019. Despite the COVID-19 slowdown we can expect an annual growth rate of 20.2% till 2023.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by WealthDesk.
WealthDesk is India’s pioneering B2B2C platform that captures the entire Investment/Asset Management/Advisory value chain from portfolio creation on top of Equities and ETFs which are productized into investment products called WealthBaskets.
WealthDesk is driving the Investment product side innovation in India. It has 50+ partners who leverage WealthDesk’s platform to realign their broking and advisory offerings. This includes renowned full-service brokers such as Motilal Oswal, JM Financial, Anand Rathi, Prabhudas Lilladher, among others.As a B2B2C SaaS platform in this space, WealthDesk can get B2B on its platform and create a bigger ecosystem at scale.
StartupTalky interviewed Mr. Ujjwal Jain (Founder & CEO, WealthDesk) to get an insight on the Success Story of WealthDesk. Know all about WealthDesk’s founding team, how it started, growth, future plans & more in this article ahead!
WealthDesk is a B2B2C Investment Technology platform founded in 2016. WealthDesk enables portfolio-based investing on top of stocks and ETFs (Exchange Traded Fund) consolidating advisory, broking, asset, and wealth management ecosystem. It is India’s pioneering B2B2C platform that captures the entire Investment/Asset Management/Advisory value chain from portfolio creation on top of Equities and ETFs which are productized into investment products called WealthBaskets; WealthBaskets are enabled for large scale distribution through broking partners with strong network effects.
Its goal is to make sure all big and small brokers in the country are integrated on the WealthDesk platform on the transaction side (‘UPI’zation of Broking industry) and on the Advisory front, it wants to have some of the Best advisors’ Investment Products (WealthBaskets) on the WealthDesk platform.
WealthDesk Logo
With this dual strategy, WealthDesk drives the Investment product side innovation in India on top of Equities and ETFs (beyond Mutual Funds) and build a highly scalable distribution network for distributing these products at scale through the Broking ecosystem. The team is also pretty keen on focusing on the first-time investors as they are digitally savvy and will appreciate the benefits of the advised wealth management.
Ujjwal Jain is the founder and CEO of WealthDesk. Yuvraj Thakker is the Co-founder of WealthDesk.
Ujjwal Jain – Founder & CEO, WealthDesk
WealthDesk Ideation Journey – How it Started?
Reminiscing the journey towards inception of WealthDesk, Ujjwal Jain (Founder & CEO of WealthDesk) says –
“I have almost a decade’s experience of working in the fund management industry. During my working tenure with DE Shaw (Wall Street based Hedge Fund), I got an opportunity to shift to Mumbai for a strategic India focused stint, this made me realize the massive India FinTech opportunity in asset management, fund management, advisory and broking. With it, I also realized that while I had demonstrated capabilities in the technology-driven active hedge fund industry, I needed to deep dive into how the Index/ETF-based passive industry works. I then took on a role with the MSCI Mumbai office and worked closely with the MSCI Geneva office which drives the Index business globally.
In less than two years, I was able to work with the research and products team globally to launch multiple Smart Beta Indices. I also worked on setting up the technology platform for launching ESG based Indices that hold a lot of prominence now. Around the same time, I was also a part of a global team looking to platformize/productize Index manufacturing at scale to reduce turnaround time with clients and compete with new technology focused fintech competitors in Index space. Having built a strong institutional and in-depth understanding of both active and passive funds, I felt ready to explore the Fintech opportunity in India.
During the research phase about India, I met several brokers and asset managers in Mumbai to understand their challenges and that of the sector at large. That’s when I clearly saw how technology could address most of the challenges that they are facing, and I began working towards it. During my research phase, I also met Yuvraj, who runs a Brokerage house as a third-generation stakeholder.
We met several times and spent hours/days together in 2015, where Yuvraj gave a sense of the current challenges in Broking and Asset Management Industry as a legacy broker and I could look at these same problems with a complete modern Computer Science mindset. Eventually, we were able to create a roadmap to build WealthDesk platform ecosystem, that incorporated the startup Wealth Technology and Services Private Limited. Yuvraj provided a strongincubation ground within his brokerage house to launch and test the platform between a closed user group.
We were clear that we wanted to build the platform first. We were sure that once we built a platform that addressed the needs of the industry, we would get customers. So, we began building a B2B2C platform ecosystem for advisors, research houses getting into advisory, brokers and investors on AWS. With its strong Start-up network, constant innovation on cloud, a strong presence in India with a vibrant developer community made AWS our default choice from day 1. It took three years for the team to work and build the platform. In 2018, WealthDesk went live. The team then spent the next year getting brokers and advisors on the platform. Today, WealthDesk is India’s pioneering SaaS-based Neo AMC platform that powers advisory, broking, wealth management, and portfolio management to retail investors at scale.
I believe that AWS has been a key enabler in our success story. Even without offering financial services, AWS has played an instrumental role in reshaping India’s financial landscape. AWS is the technological backbone of many FinTech companies, including WealthDesk, where product innovation through engineering is the integral component of value creation”
The product is the WealthDesk platform and it provides two key offerings – For the retail investors and businesses. WealthDesk is a B2B2C Platform ecosystem with one single SaaS offering of Business platform and multiple WealthDesk Consumer SaaS Deployment(B2C) for Brokers and Advisors.
WealthDesk Business along with WealthDesk Consumer platform ecosystem enables Brokers, SEBI Registered Investment Advisors, Portfolio Managers, Research Analysts to manufacture and distribute their Stock/ETFs research as an Investable Portfolio called WealthBasket and distribute to Retail Investors through an ever expanding WealthDesk Consumer multi-broker ecosystem with seamless execution.
WealthDesk solves the problem of retail investors, who look at markets with wealth creation goals. It helps them understand where and how to invest smartly and avoid mis-selling and wrong choices. Given it is still a push-based product, the journey to get first time investors into markets or making someone build a habit for moving savings into investments following a process and with discipline is difficult. Lot of effort needs to be made in that direction as an ecosystem.
These challenges were met by bringing better Investment Products (WealthBaskets) in Indian markets that were beyond Mutual Funds for retail Investors on top of SEBI Registered Investment Advisory and Research Analyst licenses using Stocks and ETFs. The objective behind WealthDesk is to serve first time to seasoned investors with products previously accessible in the form of investable instruments. Also, drive the future of Digital Asset and Wealth management in India at scale and penetrate markets to a large extent across India.
Traditionally investors, brokers and their research & advisory arms, SEBI registered advisors and research houses used to work in silos. This model of engagement does not allow them to serve retail investors and traders with right research and portfolio strategies thus leading to suboptimal returns, misalignment of goals/incentives and is operationally non-scalable to build assets under advisory businesses on top of Equities and ETFs, etc.
Since 2013, regulators like SEBI had already started focusing on bringing transparency in advisory based distribution and streamlining the role of brokers as distributors and the recent draft of this circular (October 2020) is one of the steps in this direction to bring in more transparency, alignment. WealthDesk is pre-empting the eventuality of the industryby offering a platform powered investment instrument called WealthBaskets on top of Equities and ETFs to drive research and advisory based portfolios distribution to retail investors on top of broking. This innovation is the USP of WealthDesk.
Key challenges faced by the team initially was hiring top Engineering talent to build such a deep tech platform in Capital Markets based out of Mumbai. Once a great team was established, there was no looking back.
Another challenge as well as the opportunity was to make brokers, advisors in the country look at this changing landscape and realize the future and opportunity through the founding team’s lens/vision. Once that was done, WealthDesk began growing organically, with zero sales and marketing spend till now.
Yet another challenge was to make retail investors look at markets with wealth creation goals and understand where and how to invest smartly and avoid mis-selling and wrong choices. Given it is still a push-based product, the journey to get first time investors into markets or making someone build a habit for moving savings into investments following a process and with discipline is difficult. Lot of effort needs to be made in that direction as an ecosystem. But that is an opportunity also by creating a nudge-based user journey as a platform, provide right content and marketing push to bring the necessary behavioral change. Another opportunity is that as a B2B2C SaaS platform in this space, WealthDesk can get B2B on its platform and create a bigger ecosystem at scale.
These challenges were overcome by bringing better Investment Products (WealthBaskets) in Indian markets that were beyond Mutual Funds for retail Investors on top of SEBI Registered Investment Advisory and Research Analyst licenses using Stocks and ETFs. The objective behind WealthDesk is to serve first time to seasoned investors with products previously accessible in the form of investable instruments. Also, drive the future of Digital Asset and Wealth management in India at scale and penetrate markets to a large extent across India.
WealthDesk ended Calendar year 2020 with 20 broker and advisor partners. It has nearly doubled the number of partners in Q1 of 2021.
Currently, WealthDesk has 50+ partners who have leveraged WealthDesk’s platform to realign their broking and advisory offerings around SmartBeta, Factor based Thematics, Sectoral, Asset Allocation based ETF WealthBaskets that are driving a new product ecosystem.
This includes renowned full-service brokers such as Motilal Oswal, JM Financial, Anand Rathi, Prabhudas Lilladher, among others.
Some of the leading investment advisors such as Quantech Capital (OpenQ), Finmo, Renaissance Investment Managers, Tamohara, Wright Research, etc. are on WealthDesk.
WealthDesk has also integrated with discount brokers such as ICICI Direct, Zerodha and Upstox that allows their users to directly login on WealthDesk.in and invest in WealthBaskets.
WealthDesk has also seamlessly integrated with 63 moon’s ODIN trading platform; this platform powers 800+ brokers. This partnership brings Advisory based Value Added Broking to all such brokers in a plug and play model.
WealthDesk – Future Plans
WealthDesk’s focus for the future has always been on expanding beyond mutual funds and portfolio management services. With the support and help from its partners, the team believes that they can drive the future of investing in Indian capital markets.
WealthDesk – FAQs
What is WealthDesk?
WealthDesk is India’s pioneering B2B2C platform that captures the entire Investment/Asset Management/Advisory value chain from portfolio creation on top of Equities and ETFs which are productized into investment products called WealthBaskets.
Who are the founders of WealthDesk?
Ujjwal Jain is the founder and CEO of WealthDesk. Yuvraj Thakker is the Co-founder of Wealth Desk.
What is WealthBasket?
WealthDesk Business along with WealthDesk Consumer platform ecosystem enables Brokers, SEBI Registered Investment Advisors, Portfolio Managers, Research Analysts to manufacture and distribute their Stock/ETFs research as an Investable Portfolio called WealthBasket
When was WealthDesk founded?
WealthDesk was founded in 2016. The WealthDesk platform went live in 2018.
