Digital payments company MobiKwik
has acquired online mutual fund platform ClearFunds as it pivots towards a
complete fin-tech company facing tough competition from market leader Paytm,
owned by One97 Communications Ltd.
Founded in 2016, Clearfunds
(Harvest Fintech Private Limited) is an online mutual fund advisory platform
that claims to use data science and analysis to help investors make informed
and profitable investment decisions. It claims to have $45 million in assets
under management (AUM).
MobiKwik, which has a customer base
of 100 million, will now sell only direct plans on its platform that comes
without distributor commissions. Paytm Money, the new wealth management unit of
One97 Communications Ltd, entered the mutual fund market with its own
application in April this year.
The
Gurugram-headquartered company will invest $15 million in its wealth management
category in the next year to take on competitors like Paytm, which in turn is
reportedly looking to offer shares of listed companies directly to customers.
MobiKwik recently entered digital lending services by offering 90-second loans
to its users in a bid to compete with Soft-bank backed Paytm.
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