04 September 2018, India:
Paytm Money has launched a dedocated app for Mutual Investments, SIPs. The company aims to double the Mutual Fund investor base in India within the next 3 to 5 years.
Vijay Shekhar Sharma, Founder and CEO , Paytm, said, “Access to wealth creation opportunities till today has been limited to a select few. With Paytm Money we want to democratise and bring Mutual Fund investments to millions of Indians. We are committed to take the Mutual Fund investor base in India to 50 million in the next 5 years and expect Paytm Money to be the catalyst in bringing new incremental investors to this industry.”
Pravin Jadhav, Whole-time Director , Paytm Money, said, “We are truly humbled by the unprecedented interest we have received. With Paytm Money, our role is to connect millions of investors to India’s trusted AMCs & fund managers while making the investing process – simple, transparent, accessible to all and offer it completely free to investors. We are building a technology-based platform that offers both investment advisory and execution services, complete detailed risk profiling and provide all possible information to users before they take any investment decision.”
Pravin Jadhav added, “Technology is core to everything we do at Paytm Money. We are possibly the only company in investment and wealth management domain that has built the entire technology platform from grounds up. This gives us the capabilities to post transactions in real-time to all AMCs, get faster updates to mutual fund scheme NAVs, show the most updated portfolio value, generate real-time portfolio insights, monitored by real-time reconciliation systems and much more. Our platform is built to handle over a million mutual fund investments per day.”
The company will start providing access to 2,500+ users a day and will increase this to 10,000+ users daily over the next few weeks. Users will be informed about access on their registered mobile number or email address, the company said in a blog.
Paytm Money will enable users to complete their fully digital KYC and onboarding for Mutual Fund investments to offer faster access to its app. It’s team will closely work with its initial users to seek feedback & suggestions before opening the service to all, the blog added.
The app is available on both Android and iOS platform.
The company has partnered with 25 AMCs (Asset Management Companies) covering 90% of industry AUM (Assets Under Management) to offer direct plans of Mutual Funds which come with lower expense ratios due to zero distribution fees or commissions. Users can start investing in lump sum or via SIPs with as little as Rs 100 in some of the schemes.
Paytm Money has tied up with leading rating services - MorningStar, CRISIL and Value Research to ease investment decision making process. The service will be completely free for Paytm Money users.
Paytm Money supports investing from over 190+ banks through Auto-pay e-mandates, physical mandates and NetBanking to drive wider adoption in smaller towns & cities.
(Image – Paytm)
