Flipkart-owned PhonePe launches wealth management arm
After the success of the UPI powered and supported payment service, all the leading digital payments players have been eyeing the next set of growing by coming and engaging their customers with a slew of new products and wealth management is one of them.
After Mobikwik and Paytm, PhonePe has entered into the wealth management service. According to the official report which has been revealed, the new entity will be called by the name as PhonePe Wealth Services and was incorporated on 15th of November.
The wealth management arm has been set up with an authorized capital of Rs 50 crore and paid up capital of Rs 20 crore. The report also stated that Terence Lucien, Head of Mutual Fund and Aniruddha Patwardhan the Chief Engineering of PhonePe are going to serve as the Board of Director at PhoenPe Wealth Services.
PhonePe is yet to disclose that who will be going to work as the lead in this new vertical.
The firm is expected to offer a suite of expense management features such as gold deposits, mutual funds, SIP’s, liquid funds, pension schemes, instant loans, and others.
This is a good time for the PhhonePe as now the company has over more than 100 Million users. The company has also now done with the 1 Billion transactions after its operation.
PhonePe may also introduce a new separate app or can also integrate the wealth management facility in its app. Moreover, the confirmation from the company official is still awaited. In the month of September this year Paytm has launched its new ‘Paytm Money’ a wealth Mutual fund app.