5nance

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5nance
IndustryFinancial Services
FoundedMumbai, India (2015)

5nance is an online Indian financial advisory portal and marketplace. The company has a robo advisory platform and provides financial services like Mutual Fund, tax planning, loans, and insurance. The company was founded by Mr. Dinesh Rohira and Mr. Ajay Ajit Singh.[1]

Inception

The founders of 5nance.com , Dinesh Rohira and Ajay Arjit Singh first met at HP where the duo worked together. While working in the finance sector, Dinesh noticed the challenges faced by Indians in the financial sector and how lack of communication and knowledge is affecting the Indian financial sector. The idea of a new free of cost Robo Advisory fintech was conceptualized soon after and 5nance.com was launched on November 25th 2015.[2][3]

History

5nance is considered to be one of the first Indian fintech players to develop a robo-advisor support. The company benefited from the early 2017-18 boom of robo advisory fintech companies in the country.[4][5] 5nance was also noticed for generating awareness and need of women participation in the Indian financial sector and market. [6]

Business

5nance is a free to use platform for investors. The Robo advisory provided by 5nance uses algorithms to understand the user financial behavior and provide advisory services. The company earns its revenue by charging mutual fund companies, loan and investment providers for their transactions. 5nance also provides a paperless process to facilitate quick and easy transaction to its users. 5nance.com has introduced multiple investment and loan products like Algrow, Loan Genie, FITSIP etc.[7][8]

Funding

In the first round of funding, Innovage Fintech managed to raise $3 million in angel round and pre series A funding from HNIs in Dubai and PF Funds in Europe in its initial round of funding. The company was also considering raising series A funding worth $15million Series from a set of VCs.[9][10]

References

  1. "5nance bets big on its robo advisory services launched". https://tech.economictimes.indiatimes.com/news/startups/5nance-bets-big-on-its-robo-advisory-services/54690053. Retrieved 2019-01-18.
  2. "Five fintech firms for DIY investors". http://www.forbesindia.com/article/investment-guide-2016/five-fintech-firms-for-diy-investors/42055/1. Retrieved 2019-01-18.
  3. "Winning Stroke: Interview with Dinesh Rohira, Founder and CEO, 5nance.com". http://bwpeople.businessworld.in/article/Winning-Stroke-Interview-with-Dinesh-Rohira-Founder-and-CEO-5nance-com/26-06-2018-152964/. Retrieved 2019-01-18.
  4. "Robo-advisory: which one is for you?". https://www.livemint.com/Money/MGNQT2wi0XEza7v93ykLwM/Roboadvisory-which-one-is-for-you.html. Retrieved 2018-08-01.
  5. "Five fintech firms for DIY investors". http://www.forbesindia.com/article/investment-guide-2016/five-fintech-firms-for-diy-investors/42055/1. Retrieved 2019-01-18.
  6. "Indian finance brands target women". https://www.warc.com/newsandopinion/news/indian_finance_brands_target_women/39510. Retrieved 2019-01-18.
  7. "Product crack: www.5nance.com". https://www.livemint.com/Money/n0taneZJc6g2eCHFpgMAGI/Product-crack-www5nancecom.html. Retrieved 2019-01-18.
  8. "5nance bets big on its robo advisory services". https://tech.economictimes.indiatimes.com/news/startups/5nance-bets-big-on-its-robo-advisory-services/54690053. Retrieved 2019-01-18.
  9. "5nance.com plans to raise $15mn from institutional investors". https://economictimes.indiatimes.com/small-biz/startups/5nance-com-plans-to-raise-15mn-from-institutional-investors/articleshow/49892204.cms. Retrieved 2019-01-18.
  10. "Innovage Fintech in talks to raise $15 m". https://www.thehindubusinessline.com/info-tech/innovage-fintech-in-talks-to-raise-15-m/article8241318.ece. Retrieved 2019-01-18.

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