Wealthtech startup PowerUp Money raised $7.1 M from Accel, Blume and others
In its first institutional funding round, wealthtech startup PowerUp Money raised $7.1 million. Accel, Blume Ventures, and Kae Capital led the round, with 8i Ventures and DeVC also participating.
The money raised will go toward expanding its customer acquisition efforts, developing new advisory products, and bolstering its research team.
PowerUp Money was established in April by Prateek Jindal, a former cofounder of Uni Cards. Its tools, such as “Power Age,” indicate when users can reach financial independence and how much money they need to save. Through its mobile platform, it provides retail investors with direct mutual fund investments along with advisory support.
Both free and paid subscription models are being introduced by the startup. The company claims that Power Mutual Funds is currently tracking more than 25,000 customers’ assets totaling over Rs 3,000 crore (~$350 million), with strong monthly growth.
PowerUp was first developed within Uni Cards, but after the funding round, it was separated as a separate business. Sources claim that Jindal began working on the new project in October 2023.
Since PowerUp’s founding (October 2023), Indian wealthtech companies Neo, Dezerv, Centricity, Stable Money, Fisdom, Univest, InvestorAi, and Wealthy have reportedly raised close to $250 million in funding through 15 deals, according to media.
