MUMBAI: Fintech platform MobiKwik Thursday announced its entry into the wealth management business with the acquisition of Clearfunds, an online wealth management platform, for an undisclosed amount.
The firm said it will invest USD 15 million over the next one year to scale up its wealth management business.
This is the first acquisition by MobiKwik and will help the brand to further strengthen its foothold in the digital financial services industry, a release said.
Post the acquisition, the founder and chief executive officer of Clearfunds, Kunal Bajaj, will lead MobiKwik's wealth management business, it added.
Upasana Taku, co-founder and director, MobiKwik, said, "This acquisition will help us get a head start in the wealth management domain. MobiKwik users will now be able to start their investing journey with as little as Rs 100."
"We will continue to look at strategic investments or acquisitions that can add value to our business," she added.
MobiKwik said its over 107 million customers will soon be able to start using the facility through its app.
Clearfunds already has USD 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 and four registrar and transfer agents, according to the release.