Centricity is an online wealth management platform that has secured $20 million from Lightspeed in its seed funding round. The funding round saw the participation of several new and existing investors including Burman Family Office, Vishal Dhupar, and Ritesh Agarwal. Entrackr reported. The startup plans to use these proceeds to scale its operations, expand its private banking services, and enhance its platform while developing its market presence. 

Centricity uses advanced technologies to provide various investment options and value-added services for independent financial professionals in the Indian market. The application empowers investment and finance professionals to establish their independent practices. The firm also enables users to manage their wealth and record transactions. The startup claims to have raised $4,0 million in its pre-seed funding round from Burman Family holdings and others. The fresh capital has been raised at a valuation of 125 million USD. Entrackr reported. The online wealth management platform offers its services through partnerships with other banking and non-banking finance companies. 

The startup aims to increase its tech development team from 75 to 150. The firm will be focused on insurance tech, generative artificial intelligence-based modules, and broking tech platforms. Centricity aims to deliver a SaaS-based investment and wealth management platform with digital transaction capabilities for various services. The company will use some of this investment to develop its market presence in the wealth-tech sector. The company is focused on developing more innovative wealth management solutions. Centricity faces competition from other wealthtech platforms in the same segment including Invest Cloud, Addepar, and Broadridge.

The investment will enable the company to increase its customer base and grow its wealth management services globally. The firm will also invest in Indian talents, and technology while growing its brand presence. The development came just when the wealth tech startups saw increased investor interest. The data intelligence platform, the kredible mentioned that the wealthtech startups in India raised over $200 million across 12 deals since October 2023. Neo wealth management firm secured the highest funding with $48 million. Dezerv raised $32 million in its series B funding round. The company aims to bring more innovative products and services to the market with a seamless user experience. 

Conclusion:

Centricity is a Delhi-based wealthtech startup that provides an online investment and wealth management platform. The startup secured a fresh capital of $20 million in a seed funding round from Lightspeed with the participation of Paramark venture capital, two family offices, and several angel investors. The development came just after the wealth-tech sector saw increased interest from investors. The data intelligence platform, the kredible mentioned that the wealthtech startups in India raised over $200 million across 12 deals since October 2023. The company claims to offer investment and cash management solutions. The startup aims to use this investment to scale its platform, expand its development teams, and provide more innovative wealthtech solutions. The company allows financial advisors to easily transact and access financial products while making financial portfolios more understandable.