MobiKwik acquires wealth management platform Clearfunds

Monday 15 October 2018 10:26 CET | News

India-based digital payments company Mobikwik has acquired Clearfunds, an online platform that facilitates investments in mutual funds.

The value of the transaction has not been disclosed. Clearfunds is said to be managing USD 45 million worth of Assets Under Advisory. Its clients can access over 3000 different mutual funds schemes offered by 36 Mutual Fund Companies (AMCs) and 4 Registrar and Transfer Agents (RTAs).

Now with the takeover by MobiKwik, 107 million customers of will also be able to access these products on the Clearfunds platform, expanding the offerings by the digital wallet company in the wealth management sphere. The company has announced that it plans to invest USD 15 million (around INR 112 crore) in the business. It is not clear if this amount includes the acquisition cost it paid to the promoters of the Mumbai-based Clearfunds or this will be fresh investments being made by them after taking over.

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Keywords: MobiKwik, Clearfunds, wealth mnagement, investment platform, India, mutual fund, investment, Assets Under Advisory
Countries: World

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