Cube Wealth, a digital wealth management service for busy professionals, announced a mid-series funding of half million US dollars led by Satyen Kothari, founder of Cube Wealth. Other participants in this round include Singapore-based venture fund Beenext and Japan-based Asuka Holding.
The funding will be deployed in expanding the engineering team and in growth marketing. Cube is currently looking to recruit talent in growth marketing and web engineering. A part of the funds will also be used to accelerate the marketing of Cube Cloud – the cross-border SaaS platform for fund managers.
In a statement, the company said this funding is unusual on two fronts — it’s timing during the pandemic and that it is being done in pre-emptive fashion by the founder well before additional funding was required by the company.
Launched in June 2018, Cube Wealth is a tech-first global investment service that started with an India-first focus. The system helps guide investors on how to create their perfect portfolio. The service is delivered via its app, and all users get any time assistance from dedicated ‘wealth coaches’.
Additionally, Cube has launched a new cross-border SaaS service and marketplace called Cube Cloud. This service helps fund managers in India with a full stack, cloud-based marketplace to access capital from investors across 50 countries.
The platform handles everything from marketing to information and capital tracking to regulatory permissions and compliance. Fund managers can sign up and go live in 7 days flat, and for free.
Covid-19 impact
“I believe this pandemic is an inflection point for digital wealth management as customers will now get accustomed to and demand digital services for everything from KYC to tracking their investments. They will also demand a higher degree of transparency and ethics from their wealth providers. Technology delivers well on these fronts. Our clients are also very keen now on exploring Cube’s alternative asset options that are not linked to the stock markets. However, all this will still need amazing human asset managers to be the brains behind investing. And that is Cube’s strength – combining the beauty of technology with human intelligence,” said Kothari, who has survived through the 2001 and 2008 global crises as an entrepreneur.
This round is timed to ensure the company stays focused on the opportunities ahead. “It reflects the core Cube ethos of building real user value with discipline to ensure a long term business is being created” he said.
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Published on
June 01, 2020
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