MobiKwik has acquired mutual funds platform Clearfunds for an undisclosed amount. In the company’s first acquisition, the payments company will invest $15 million in the platform over the next year to grow its wealth management business.
Clearfunds uses data analytics and automated processes to provide investment advice. It claims to have $45 million worth of assets under advisory, 3,000 direct mutual fund schemes across 36 mutual fund companies and 4 registrar and transfer agents. MobiKwik’s customers can invest in mutual funds in-app, starting at Rs 100, Upasana Taku, MobiKwik co-founder and director said in a statement.
Clearfunds’ founder and CEO will now head MobiKwik’s wealth management business.
MobiKwik now claims to have over 107 million customers.
MobiKwik’s lending services
- Last week, MobiKwik launched an instant loan disbursal system ‘Boost’, which lends upto Rs 60,000 to the user’s wallet in 1.5 minutes.
- In July, it also launched a new service that offers instant loans of Rs 5000 on its application. Conceived in parternship with NBFC Bajaj Finserv, the service targeted at new-to-credit (NTC) users who do not have a credit score.
MobiKwik is diversifying into lending services, as has been expected. Read more here.
- In September, MobiKwik partnered with ONN bikes to offer motorcycles on rent on an hourly, daily and weekly basis in Bangalore, Hyderabad, Jaipur, Kota, Mysuru and Udaipur. The app also allows users to book Ola cabs.
- In August, MobiKwik launched a new service that would enable customers to make credit card bill payments on its application.
- In May, MobiKwik launched Unified Payments Interface (UPI)-based payments on its platform.