Online investment platform Vested Finance on Friday said it has raised USD 3.6 million (about Rs 26.2 crore) in funding from Moving Capital, Ovo Fund and TenOneTen Ventures in the US.
The seed funding round also saw participation from Inflection Point Ventures and Venture Catalysts in India, a statement said.
The company will use the new funds to accelerate product development and hire talent across the US and India, it added.
Vested Finance is a California-headquartered US Securities and Exchange Commission (SEC) Registered Investment Adviser (RIA) that enables Indian investors to invest in the US stock market.
Founded two years ago, the company has seen rapid growth in 2020 and processed more than USD 100 million in trades in 2020.
Individuals in India have been contributing to the top and bottom line of international companies for decades, but have never had the chance to create wealth by investing in them, Vested Finance co-founder and CEO Viram Shah said.
"Our goal is to build the easiest US investing platform for Indian investors...Our focus following this seed round is on accelerating product development to create a seamless and cost-effective end-to-end US investing experience," he added.
Vested's zero-commission online platform requires no minimum balance and investors can choose individual stocks or ETFs, or select from a variety of "Vests" (Vested's curated portfolios constructed with various goals, themes, and risk levels).
To facilitate Indian investors to invest in US markets, Vested has partnered with more than 25 brokers, fintech, and wealth management firms in India, including Axis Securities, Kuvera, Angel Broking and 5Paisa.