Neo Group, a wealth and asset management fintech, secured $47.6 million in its most recent investment round on Monday, headed by Japan's MUFG Bank, Euclidean Capital LLC of New York, and Peak XV. The funds obtained will be utilized to grow the company's wealth management division and support its asset management operations.
The fresh financing raises the firm's equity base to Rs 1000 crore. According to market intelligence platform Tracxn, the Mumbai-based startup secured $26.5 million in a Series B round in August of this year.
"We are very excited to partner with some of the best global institutions and remain committed to providing world-class investment products and solutions in an unbiased, transparent, and cost-effective manner," said Nitin Jain, Chairman and Managing Director at Neo Wealth and Asset Management. Tracxn data reveals that the business has previously raised around $70.3 million in three fundraising rounds.
"We are excited to partner with the Neo management team, who have impressively grown their assets under administration (AUA) to Rs 35,000 crore in the wealth management business and Rs 6,000 crore in assets under management (AUM) in the asset management business," said Shashank Joshi, CEO at MUFG India.
This is the bank's first investment in wealth management in India. Neo was formed in 2021, wherein, the firm services clients in the high net worth (HNI) and ultra-high net worth (UHNI) segments, as well as multi-family offices.
It provides financial advising services and is developing a platform for transactions and consolidated portfolio reporting across many products, asset classes, and instrument types. The business handles around Rs 35,000 crore of wealth management assets and Rs 6,000 crore of alternative asset management.
