Wealthtech Startup PowerUp Money Secures $7.1 Million in Funding

Wealthtech startup PowerUp Money has successfully raised $7.1 million in its initial institutional funding round, which was spearheaded by Accel, Blume Ventures, and Kae Capital, with additional support from 8i Ventures and DeVC.

The funds will enhance its research capabilities, facilitate the development of new advisory products, and expand customer acquisition strategies.

PowerUp Money and Its Offerings

Founded in April by Prateek Jindal, who was a co-founder of Uni Cards, PowerUp Money is designed to assist users in managing their finances. The platform features tools like “Power Age,” which illustrates when users can attain financial independence and how much they need to save. It also enables direct mutual fund investments alongside advisory support for retail investors through its mobile platform.

Subscription Models and Growth

The startup is launching both free and paid subscription options. As stated by the company, Power Mutual Funds is now managing over Rs 3,000 crore (~$350 million) in assets for more than 25,000 customers, demonstrating robust month-on-month growth.

Evolution from Incubation to Independence

Originally incubated within Uni Cards, PowerUp Money has transitioned into an independent venture following this recent funding round. Reports indicate that Jindal has been focusing on this new project since October 2023.

The Wider Wealthtech Landscape in India

In light of PowerUp Money’s emergence, numerous Indian wealthtech startups—including Neo, Dezerv, Centricity, Stable Money, Fisdom, Univest, InvestorAi, and Wealthy—have collectively raised nearly $250 million across 15 funding deals since PowerUp’s inception in October 2023.