Fintech start-up MProfit secures new funding

Fintech platform MProfit that allows investors and wealth professionals to track their investments across multiple assets said it has raised around $2 million in its first ever funding round. The round saw participation from Zerodha’s Rainmatter, Enam Holdings, Gruhas Proptech, Auxano Capital and Samarthya Investment Advisors.

MProfit’s products enable users to seamlessly aggregate their investment portfolios across different asset classes and brokers. With the ability to read trade files such as contract notes from 700+ stockbrokers and Mutual Fund CAS statements, MProfit’s proprietary technology significantly reduces manual effort in portfolio management for investors, family offices, financial advisors and chartered accountants.

Nithin Kamath, Founder & CEO, Zerodha & Rainmatter said, “We are excited to partner with MProfit as they solve the challenge of enabling investors and wealth professionals to track investments across multiple assets in one place. It can be tedious to consolidate their investment data across platforms, and MProfit helps greatly in automating this.”

Indians today invest in various asset classes offered by multiple financial institutions, making it difficult to get a single overview of one’s investments. MProfit, with a mission to solve this problem, enables users to automatically import transaction data from different brokers. By standardizing data from various sources, MProfit provides key portfolio insights such as annualized rate of return (XIRR), asset allocation and capital gains for tax filing.

“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 the family’s overall returns in one place”, said Kiran Shah, co-founder and CEO.

With a loyal customer base in 300+ cities, MProfit offers unique SaaS offering to both B2C and B2B segments. On the B2C side, MProfit helps investors, HNIs and family offices track consolidated investments for the entire family. On the B2B front, MProfit helps IFAs, sub-brokers, asset managers and CAs manage diversified client portfolios and deliver high-quality reporting to their end clients.

After closing its first fundraiser, the MProfit team plans to accelerate the implementation of new initiatives. Initially, they aim to roll out new features including advanced performance reporting, international asset tracking and API integrations that will make MProfit’s user experience even more seamless and insightful.