Clearfunds has been known to use data analytics along with automated processes in the mutual fund investment platforms
Mobikwik, famous for its online wallet in India has acquired Clearfunds, a Mumbai based online wealth management platform. The company claims that the acquisition will help further strengthen its foothold in the digital financial services industry.
Ms. Upasana Taku, co-Founder and director, MobiKwik, speaking about the acquisition, 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.”
Clearfunds has been known to use data analytics along with automated processes in the mutual fund investment platforms. The company claims that its fully automated investment advisory is designed to make investments easy for consumers.
The computer algorithms used by Clearfunds may be of special importance to Mobikwik as the press release issued by the company claims it to suit an investor’s risk tolerance, stated goals and time horizon.
Moreover, Kunal Bajaj, founder and CEO, Clearfunds will be leading Mobikwik’s wealth management business post the acquisition. He brings 18 years of financial services experience to Mobikwik’s table. Kunal has earlier worked with Goldman Sachs, Jefferies India, Credit Suisse and JP Morgan.
He 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.”
Mobikwik plans to invest US$15 million over the next year to scale up and strengthen its digital financial services and wealth management business.