11 October 2018, India:
MobiKwik announced that it has acquired online wealth management platform Clearfunds. With this acquisition, MobiKwik has entered into wealth management market. The financial details of the deal have not been disclosed yet.
After acquisition, Kunal Bajaj (Founder and CEO, Clearfunds) will lead MobiKwik’s wealth management business.
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 know-how and advanced data analytics. MobiKwik users will now be able to start their investing 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.”
Kunal Bajaj, Founder and CEO, Clearfunds, said, “I am thrilled to join the MobiKwik family in our mission to deliver financial services to the masses. MobiKwik is a pioneer in technological innovation and has launched cutting-edge products, in the financial services domain. We are confident that with this acquisition, we will be able to take wealth management to millions of Indians located across the country, create awareness about the benefits of direct mutual funds and help them manage their investments better. I am confident that MobiKwik will be one of the front runners in the full stack digital financial services industry in the times to come.”
Clearfunds was founded in 2016. It is direct mutual fund investment platform. It uses powerful data analytics and automated processes to deliver the best possible investment experience at the lowest possible cost. It allows clients to access over 3,000 direct mutual fund schemes across all 36 fund houses and four registrar and transfer agents.
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