Centricity wealthtech, a B2B2C platform for independent investment professionals, Single Family offices (SFO) and corporate treasuries, has raised $4 million in a pre-seed funding round where it was valued at $20 million. The Burman Family Office led the funding round, along with Shantanu Agarwal, managing director of LNJ Bhilwara Group and Arun Jain, managing director of Intellect Sesign Arena and Founder of Polaris Software Labs.

Other angel investors who participated in this round included Devesh Sachdev, managing director and CEO of Fusion Microfinance, Rajesh Razdan, co-founder of Devtron Labs, Ankush Nijhawan, co-founder of TBO.com, Purrshottam Bhaggeria, joint managing director of Filatex Group and Pravin Jain and Navin Jain of Supercircle Family Office.

Centricity plans to use the funds to strengthen teams across technology, investment product and sales functions, and increase brand awareness. It plans to onboard 1000-1500 IFAs in the next 24 months with a combined transaction value of at least $1 billion.

Established in 2022, the online platform aims to build a comprehensive tech solution for an unorganised independent financial advisor (IFA) community and former private wealth professionals who wish to be wealth management solopreneurs. It offers plug-and-play solutions for employee-to-entrepreneur transitions.

“Centricity endeavours to build a full stack open-source financial services platform for IFAs, external asset managers and SFOs to manage investment portfolios efficiently. In the first phase, we have conceptualised and developed a comprehensive invest-tech platform, which features a full spectrum investment product marketplace, digital transactional capabilities and deep portfolio reporting and monitoring capability,” said Manu Awasthy, founder, of Centricity wealthtech.

In the second phase, the start-up also wishes to integrate life and non-life insurance products as well as mortgages. The roadmap for the next two years includes developing in-house asset management capabilities and a capital market NBFC.

"It is encouraging to see that experienced professionals from the private wealth management ecosystem have identified value gaps on the technology front and are building a solution around it. The key here is to understand existing propositions and pain points for both relationship managers as well as clients and then work with industry specific technology teams to innovate,” said Saket Burman from the Burman Family Office.