Goalwise a Bangalore based online investment advisory platform raised $1 million as angel funding from undisclosed high net worth individual.
Goalwise was founded by Swapnil Bhaskar, Swati Bobde and Ankur Choudhary. It aims to simplify investing and personal finance according to the financial goals, while preventing mis-selling. For investment advisory is runs on self design algorithms. Goalwise advisor for funding was Dexter Capital.
Goalwise allows users to choose the goal for investing or saving. After choosing the goal, it offers advise considering savings, age, suitable risk profile, time horizon and target amount. It further creats an investment plan for every goal, invests in scientifically chosen, intelligently allocation savings according to the user’s risk level, tracking investment until users achieve their goal.
Goalwise focuses on tax saving goals. It recommends choosing from Mutual fund companies such as ICICI Prudential, Franklin Templeton, Axis Mutual Fund and Birla Sun Life. The funds will be utilized to scale up operations efforts and technology. It also gives suggestions to individuals for achieving their goal such as switching or hiking the investment.
Swapnil Bhaskar, co-founder of the Goalwise, said,
“It’s like having an intelligent personal investment manager available online for free, Goalwise does not charge users for advisory and investment services. We earn brokerage from mutual fund companies on the investments made with them. This is usually in the range of 0.5 – 1.00 per cent per annum for equity mutual funds and 0.1-0.5 per cent for debt mutual funds. Through our extensive use of data, we have established a scientific, performance driven fund selection strategy. The selection process is not biased by the brokerage we get.”
Ankur Choudhary, Chief Investment Officer of Goalwise, said
“Investing is like exercising – everyone wants to do it, but no one follows through. One has to set goals and systematically work towards them, and investing in goals will give better results than ad-hoc investments. But at the same time it should be simple to do and Goalwise does exactly this.”