Fintech platform MobiKwik has entered wealth management business with a 100% acquisition of Clearfunds, an online wealth management platform based out of Mumbai. This is the first acquisition ever by MobiKwik. The company will be investing USD 15 million over the next year to scale up its wealth management business.
MobiKwik’s 107 million plus customers will soon be able to start saving in mutual funds from their MobiKwik app.
Post the acquisition, the Founder and CEO of Clearfunds, Kunal Bajaj will lead MobiKwik’s wealth management business.
Founded in 2016, Clearfunds has $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 (AMCs) and 4 Registrar and Transfer Agents (RTAs).