TIFIN announces international expansion around its mission of using AI for wealth with the launch of TIFIN India and strategic investment from DSP Group
TIFIN India includes MyFI, an AI assistant to help individuals achieve better wealth outcomes, as well as TIFIN India Enterprise.
Aditi Kothari Desai, vice-chair of the DSP group joins the TIFIN India Enterprise board.
BOULDER, Colo. and NEW YORK, July 17, 2024 /PRNewswire/ — TIFIN, a leading AI and innovation platform for wealth, makes its international debut with the launch of TIFIN India. The launch of TIFIN India represents an important milestone in TIFIN’s vision to take its expertise in both direct-to-consumer (DTC) and business-to-business (B2B) AI for wealth applications to global markets.
The Indian market is unique in its potential for impact. As it stands today, the penetration of wealth management in India is only 8% (compared to 72% in the U.S. and 44% in China). With a population of more than 1.4B individuals, TIFIN expects over 500M individuals to access wealth and asset management services in the next 7 years. TIFIN India will be organized into two main verticals, MyFi, an AI assistant to help individuals towards better wealth outcomes, and TIFIN India Enterprise, which will build AI native products for financial services firms.
TIFIN India Enterprise was launched in partnership with the DSP family group, one of the oldest and most respected financial services firms in India. In addition to an investment from the DSP family group, Aditi Kothari Desai, vice chairperson of the DSP Mutual Fund company, will serve on the board of directors for TIFIN India Enterprise with TIFIN Founder & CEO Dr. Vinay Nair.
“I am thrilled to announce our strategic partnership with TIFIN India Enterprise, marking a significant step towards bringing AI into the realm of Indian fintech,” said Aditi Kothari Desai, vice chairperson of the DSP Mutual Fund company. “TIFIN’s deep expertise in wealth AI, combined with DSP Group’s unparalleled 160-year legacy in the Indian financial sector and strong digital capabilities in wealth tech, positions TIFIN India Enterprise as a formidable venture. Our vision is to establish ourselves as the premier choice for developing AI-driven wealth solutions, leveraging our unparalleled blend of technological prowess and comprehensive domain knowledge to ensure the success of every project and product. We look forward to offering these innovative solutions to financial intermediaries through our group company, CompoundExpress, to start with.”
Commenting on the launch, Vinay Nair, Founder, Chairman & CEO, TIFIN said, “Our vision is to leverage AI to help more people globally access better financial advice. We are combining our global expertise in verticalizing AI for wealth with local know-how. TIFIN India leverages learnings from TIFIN’s portfolio to build products that are specifically tailored for Indian investors and financial enterprises.”
TIFIN India’s strategy is well underway, as the firm announced India’s first conversational AI assistant, MyFi, for long-term wealth creation. MyFi leverages investment intelligence to generate personalized investment guidance based on the user’s investment portfolio for a segment that cannot be addressed only through human interaction given the sheer volume of investors.
About TIFIN
TIFIN is an AI platform for wealth. TIFIN creates and operates companies that apply data science, AI, and technology to address frictions in wealth and asset management. TIFIN’s companies have included 55ip (sold to JP Morgan), Paralel and currently include Magnifi, TIFIN Wealth, TIFIN Give, TIFIN AG, TIFIN AMP, Sage, Helix, and TIFIN @Work. TIFIN has been backed by JP Morgan, Morningstar, Hamilton Lane, Franklin Templeton, and SEI among others.
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