Mobile wallet turned full stack fintech platform, Mobikwik, has entered into the wealth management business with acquisition of online wealth management platform Clearfunds.
This is the first acquisition by MobiKwik and will help the brand further strengthen its foothold in the digital financial services industry, the company said in a statement today.
Besides, MobiKwik will be investing $15 million over the next year to scale up its wealth management business. MobiKwik’s 107 million plus customers will soon be able to start saving in mutual funds seamlessly from their MobiKwik app in just a few clicks.
Upasana Taku, Co-Founder and Director, MobiKwik, said, “This acquisition will help us get a head start in the wealth management domain. Clearfunds has done exceptionally well in a short span of time and has an edge over its competitors, owing to its superior technology knowhow and advanced data analytics. MobiKwik users will now be able to start their investment journey with as little as Rs 100. This is the first-ever acquisition by MobiKwik as we look to build out our full-stack fintech platform and deliver more financial products to our 107 million plus customer base. We will continue to look at strategic investments or acquisitions that can add value to our business.”
Following the acquisition, the founder and CEO of Mumbai-based Clearfunds, Kunal Bajaj will lead MobiKwik’s wealth management business.
Kunal has over 18 years of experience in the financial services industry and has held leadership positions at the world’s leading financial institutions such as Goldman Sachs, Credit Suisse and JP Morgan. In his last role prior to starting Clearfunds, Kunal was Managing Director and Head of Equity Sales at Jefferies India.
Founded in 2016, Clearfunds is a one-of-its-kind direct mutual fund investment platform that uses powerful data analytics and automated processes to deliver the best possible investment experience at the lowest possible cost. Its Smart Portfolios feature is a fully automated investment advisory service designed to make investing easy for everyone.
Clearfunds uses sophisticated computer algorithms to build, monitor and rebalance diversified mutual fund investment portfolios suited to an investor’s stated goals, time horizon and risk tolerance. Clearfunds already has $45 million worth of Assets Under Advisory and its platform allows clients to access over 3,000 direct mutual fund schemes across all 36 Mutual Fund Companies (AMCs) and four Registrar and Transfer Agents (RTAs).