Wealthtech startup Kristal.AI nets $10m to fund expansion into UAE

Wealthtech firm Kristal.AI announced that it secured $10 million worth of investments in its pre-series B round that will help fund its expansion into new markets and drive product and platform innovation.

The firm said that it already tripped its AUM to cross the $1 billion mark in August 2022 and grow its user base year-on-year by over 50 percent.

The funding round was participated by Chiratae Ventures, the Sanadhya family, Desai Family Office, Stride Ventures and an unnamed high net-worth individuals (HNWIs), other than the Kristal.AI founders.

Fresh funding increased the startup’s total capital to more than US$27 million. Its latest funding round was incremental to the US$6.3 million that it also raised in March 2021.

“The mass affluent and emerging high-net-worth individual (HNWI) investor class in Asia continues to grow exponentially, with total financial assets in the continent set to hit US$68 trillion by 20251. This funding round will be crucial in helping us continue to innovate, digitalise, and tailor our solutions for current and prospective clients,” Asheesh Chanda, Founder and CEO of Kristal.AI, said.

Kristal.AI is a private wealth management platform that now has over 180 employees across Singapore, Hong Kong, India, and the UAE.

This digital-first private wealth advisory and fund management group, that specialises in advising clients on highly personalised investment portfolios, was established in 2016 and is now serving mass-affluent clients globally. It has investment product suites comprising over 200 premium funds, such as private equity/venture capital funds and structured notes.

Difficult-to-access products, such as pre-IPO deals, are also available together with their other offerings that include a discretionary mandate, a digital family office, a variable capital company, and robo-advisor portfolios.

Kristal.AI operates in Singapore under a Capital Markets Services license regulated by the MAS. They are also licensed and operational in Hong Kong and India.

The firm said they already managed to triple their assets under management (AUM) to cross the US$1 billion mark in August 2022 and grew its user base year-on-year by over 50 percent.

In addition, Kristal.AI also announced its application for an ADGM license for expansion into the UAE. The license is subject to approval by the Financial Services Regulatory Authority (FSRA).

Gaurav Rustagi, Chief Growth Officer at Kristal.AI, said that the Middle East region has at least US$35 billion AUM and is home to a large population of mass affluent and HNWIs.

Over the years, the UAE has been able to steadily built its reputation as a wealth management hub bolstered by factors like an open economy, strict compliance and governance, progressive regulatory environment, a welcoming environment for businesses and an abundance of talent.