NEW DELHI, October 18, 2018 /PRNewswire/ --
Will invest $15 Million in Wealth Management over next one year
MobiKwik, India's leading full-stack fintech platform, announced its entry into the wealth management business with a 100% acquisition of Clearfunds, a leading online wealth management platform, based in Mumbai. This is the first acquisition ever by MobiKwik and will help the brand to further strengthen its foothold in digital financial services. MobiKwik will be investing US$15 million over the next one year to scale up its wealth management business. MobiKwik's 107 million plus customers will soon be able to invest in mutual funds seamlessly from their MobiKwik app.
Post the acquisition, Kunal Bajaj, Founder and CEO, Clearfunds 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 world's leading financial institutions like Goldman Sachs, Credit Suisse and Jefferies India.
Founded in 2016, Clearfunds uses powerful data analytics and automated processes to deliver the best investment experience. Its Smart Portfolios feature is a fully automated investment advisory service designed to make investing easy. 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. It has $45 million worth of assets under advisory and allows clients to access 3,000+ direct mutual fund schemes across all 36 Mutual Fund Companies (AMCs), and 4 Registrar and Transfer Agents (RTAs).
Ms. Upasana Taku, Co-Founder and Director, MobiKwik, commented, "This acquisition will help us get a head start in the wealth management domain. Clearfunds has done exceptionally well and has an edge over its competitors, owing to its superior technology and advanced data analytics. MobiKwik's users will now be able to start their investment journey with as little as Rs. 100. We will continue to explore strategic investments or acquisitions that can add value, as we look to build out our full-stack fintech platform."
MobiKwik is India's leading digital financial services platform with over 3 million merchants and 107 million users. Founded in 2009 by Bipin Preet Singh and Upasana Taku, it has raised four rounds of funding from Sequoia Capital, American Express, Tree Line Asia, MediaTek, GMO Payment Gateway, Cisco Investments, Net1 and Bajaj Finance.
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