MobiKwik buys Mumbai-based wealth management company Clearfunds
MobiKwik has announced its entry into the wealth management business with a 100% acquisition of Clearfunds, a leading online wealth management platform based out of Mumbai. This is the first acquisition ever by MobiKwik and will help the brand to further strengthen its foothold in the digital financial services industry. MobiKwik will be investing US$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 seamlessly from their MobiKwik app in just a few clicks.
Upasana Taku, Co-Founder & Director, MobiKwik, said, “This acquisition will help us get a headstart 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.”
Post the acquisition, Clearfunds Founder and CEO Kunal Bajaj will lead MobiKwik’s wealth management business. Kunal has over 18 years of experience in the financial services industry and has held leadership positions at the world’s leading financial institutions such as Goldman Sachs, Credit Suisse and JP Morgan. In his last role prior to starting Clearfunds, Kunal was Managing Director and Head of Equity Sales at Jefferies India.
Founded in 2016, Clearfunds is one-of-its-kind direct mutual fund investment platform that uses powerful data analytics and automated processes to deliver the best possible investment experience at the lowest possible cost. Its Smart Portfolios feature is a fully automated investment advisory service designed to make investing easy for everyone.
Clearfunds uses sophisticated computer algorithms to build, monitor and rebalance diversified mutual fund investment portfolios suited to an investor’s stated goals, time horizon and risk tolerance. Clearfunds already 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).
“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 frontrunners in the full stack digital financial services industry in the times to come,” said Kunal Bajaj, Founder and CEO, Clearfunds.