Paytm Money raises over $4 Mn from One97 Communications
Summary
Paytm’s wealth management platform Paytm Money has received fresh funding of about $4 million (Rs 28.87 crore) from the parent entity – One97 Communications. As of now, the Bengaluru-headquartered firm has partnered with 35 Asset Management Companies (AMCs) and attributes smaller cities for the surge in customer base. The amalgamation will allow 42 million customers of digital payments bank to invest in Paytm Money products such as Mutual fund and SIP. It will be interesting to watch how Paytm leverages its huge userbase to run ahead of several players in this space including ETMoney, Sqrrl, Orowealth, Kuvera, Fincash, Kaleidofin, Scripbox, Piggy and others. Besides the aforementioned firms, Paytm’s core competitors – PhonePe and MobiKwik also have forayed into wealth management space.