Jemstep Secures $6 Million Series A Funding

LOS ALTOS, CA–(Marketwire -02/01/12)- Jemstep, the recently launched personal online investment guidance and management service, today announced the completion of its Series A round of financing of $6 million from a group of private investors, bringing the total to $10.5 million. The capital will be used to drive product development, fuel growth, and accelerate corporate recruitment.
“We’ve seen a significant need in the marketplace for a Web service that offers personalized, transparent, and unbiased investment advice. Consumers are looking for objective advice that empowers them to make the right investment decisions, rather than relying on expensive or biased services,” said Michael Blumenthal, CEO of Jemstep. “The new funding will enable us to disrupt the status quo and introduce new features to help people better align their investment strategies with their financial goals.”
Jemstep launched its service in October 2011 after spending several years in private beta developing its investment ranking technology, for which it has received a patent. The site tracks more than $170 million worth of investments, and hopes to significantly increase that number as knowledge about the service spreads.
About JemstepJemstep Inc. is a free online investment guidance and management service that helps individual investors make better investment decisions and achieve their financial goals faster. Jemstep’s investment evaluations, based on patented technology and objective market data, are unbiased and transparent. Jemstep does not accept paid listings or sponsorships that influence its fund rankings in any way, nor does it factor subjective user reviews into the guidance it provides. A privately owned company with headquarters in the heart of Silicon Valley, Jemstep is a registered investment advisor under the rules and regulations of the U.S. Securities and Exchange Commission. To learn more, please visit http://www.jemstep.com/.
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Investment opportunity for NRIs knocking on the doors of Indian Banks

With the latest deregularisation of NRE deposits rates by RBI, it has brought to light a brilliant opportunity for NRIs to invest in India. More and more banks have revised their NRE TD’s rates thereby making NRE deposits much attractive in terms of returns overseas.
NRE TD’s are suddenly in the limelight because of the following features:

• Returns are tax free in India and

• Balances in these deposits are freely repatriable abroad.

More so, new generation private sector banks like Kotak Mahindra Bank are offering as high as 9.60 percent (annualised yield) for 1-year deposits. Also, customers can book this online through the banks net banking module without any documents from anywhere across the globe. What’s more, there is no premature penalty charged by the bank if the customer withdraws these deposits before the completion of the term. However, the RBI restriction of no interest to be paid if the NRE deposit is held for less than 1-year remains.  Below is a brief comparison of returns across various NRE deposits:

NRE deposit rates

Looking at the above comparison, NRE TD’s are a big opportunity both for the customer and the bank due to its repatriability and tax free return aspect.

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