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MobiKwik forays into wealth management; acquires Clearfunds

This is the first acquisition by MobiKwik and will help the brand to further strengthen its foothold in the digital financial services industry, a release said. Post the acquisition, the founder and chief executive officer of Clearfunds, Kunal Bajaj, will lead MobiKwik's wealth management business, it added. MobiKwik said its over 107 million customers will soon be able to start using the facility through its app. Clearfunds already has USD 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 and four registrar and transfer agents, according to the release.