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MobiKwik enters wealth management with Clearfunds acquisition

Digital payments company MobiKwik has acquired online mutual fund platform Clearfunds in an all-stock deal, as it pivots towards a complete fin-tech company facing tough competition from market-leader Paytm, owned by One97 Communications Ltd. As a part of the deal, MobiKwik will take over the Mumbai-based company’s technology, operations and 14 employees, who will join the wealth segment at MobiKwik. Clearfunds app and website will be integrated with MobiKwik’s to offer wealth management services to customers, Upasana Tiku, co-founder and director MobiKwik told Mint in a telephonic interview.