MProfit, a fintech platform that enables wealth managers and investors to oversee their multi-asset investments, reported having secured about $2 million in its first fundraising round. Zerodha’s Rainmatter, Enam Holdings, Gruhas Proptech, Auxano Capital, and Samarthya Investment Advisors also participated in the financing.
Users of MProfit’s solutions may easily combine their investing portfolios across several asset classes and brokers. For investors, family offices, financial advisers, and chartered accountants, MProfit’s patented technology dramatically lowers human work in portfolio management by reading trade data such as contract notes from 700+ stockbrokers and Mutual Fund CAS statements.
Nithin Kamath, founder & CEO, Zerodha & Rainmatter said, “We are happy to partner with MProfit as they are solving the challenge of enabling investors and wealth professionals to track multi-asset investments in one place. Consolidating one’s investment data across platforms can be tedious, and MProfit is helping significantly automate this.”
It is challenging to have a comprehensive understanding of one’s investments in India nowadays since people invest in a variety of asset classes that are provided by several financial institutions. Users may automatically import transaction data from various brokers using MProfit, which was created with the goal of resolving this issue. Key portfolio insights including annualised returns (XIRR), asset allocation, and capital gains for tax filing are provided by MProfit by standardizing data from various sources.
“A key motivation for us to build MProfit is rooted in our belief that in India, the concept of tracking investments as a family is very important. Investors generally like to track not only individual portfolios but also their family’s overall returns in one place”, said Kiran Shah, co-founder & CEO.
MProfit is unusual in that it offers SaaS products to both B2C and B2B segments and has a strong client base in more than 300 cities. MProfit assists family offices, HNIs, and investors in the B2C space in tracking aggregated investments for the whole family. MProfit assists IFAs, sub-brokers, wealth managers, and CAs in managing varied client portfolios and providing high-quality reporting to their end clients on the B2B front.
The MProfit team intends to hasten the implementation of new ideas after successfully completing its first fund-raiser. To begin with, they want to introduce additional features that will enhance the user experience of MProfit, such as enhanced performance reporting, tracking for global assets and API connectors.
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