MobiKwik acquires Clearfunds for an undisclosed amount


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Digital Lending, Digital Funds, Web, Mergers & Acquisitions, MobiKwik, Cellular, on-line lending, Funds

MobiKwik has acquired mutual funds platform Clearfunds for an undisclosed quantity. Within the firm’s first acquisition, the funds firm will make investments $15 million within the platform over the subsequent 12 months to develop its wealth administration enterprise.
Clearfunds makes use of information analytics and automatic processes to supply funding recommendation. It claims to have $45 million value of property below advisory, three,000 direct mutual fund schemes throughout 36 mutual fund corporations and four registrar and switch brokers. MobiKwik’s prospects can put money into mutual funds in-app, beginning at Rs 100, Upasana Taku, MobiKwik co-founder and director stated in a press release.
Clearfunds’ founder and CEO will now head MobiKwik’s wealth administration enterprise.
MobiKwik now claims to have over 107 million prospects.
MobiKwik’s lending companies

Final week, MobiKwik launched an instantaneous mortgage disbursal system ‘Enhance’, which lends upto Rs 60,000 to the person’s pockets in 1.5 minutes.
In July, it additionally launched a brand new service that gives instantaneous loans of Rs 5000 on its utility. Conceived in parternship with NBFC Bajaj Finserv, the service focused at new-to-credit (NTC) customers who should not have a credit score rating.

MobiKwik is diversifying into lending companies, as has been anticipated. Learn extra right here.
Different companies

In September, MobiKwik partnered with ONN bikes to supply bikes on lease on an hourly, each day and weekly foundation in Bangalore, Hyderabad, Jaipur, Kota, Mysuru and Udaipur. The app additionally permits customers to guide Ola cabs.
In August, MobiKwik launched a brand new service that might allow prospects to make bank card invoice funds on its utility.
In Could, MobiKwik launched Unified Funds Interface (UPI)-based funds on its platform.

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