PowerUp Money is spinning off from Uni Cards to operate as an independent company. However, Uni Cards will continue to remain a shareholder in PowerUp.

PowerUp was originally incubated within Uni Cards, and over time, "it became clear that the opportunity in wealth management required a dedicated, independent approach," a person aware of the matter, who didn't wish to be quoted, said. 

"The transition, which will be completed over the next two months, is happening with the support of Uni Cards, its board, and its investors, including Lightspeed, Accel, General Catalyst, Eight Roads, and Elevation Capital," the person added.

As part of this transition, the company has raised $4.75 million from new and existing investors to build a next-generation wealth management platform.

This spin-off will allow PowerUp to focus entirely on wealth management, while Uni Cards continues to focus in the lending space.

PowerUp Money is founded by Prateek Jindal, who also co-founded Uni, along with Nitin Gupta.