Indian fintech platform MobiKwik has agreed to acquire local mutual fund investment platform Clearfunds for an undisclosed sum. The Clearfunds acquisition marks its entry into the wealth management space.

Clearfunds, established in 2016, leverages data analytics to facilitate mutual fund investments. The platform offers access to over 3,000 direct mutual fund schemes and oversees $45m in assets.

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In order to scale up its wealth management operations, MobiKwik plans to invest $15m in the next year.

MobiKwik co-founder and director Upasana Taku said: “This acquisition will help us get a head start in the wealth management domain. Clearfunds has done exceptionally well in a short span of time and has an edge over its competitors, owing to its superior technology knowhow and advanced data analytics.

“MobiKwik users will now be able to start their investment journey with as little as Rs 100. This is the first-ever acquisition by MobiKwik as we look to build out our full-stack fintech platform and deliver more financial products to our 107 million plus customer base.”

As part of the deal, Clearfunds founder and CEO Kunal Bajaj will join MobiKwik and will spearhead its wealth management business.

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Bajaj has spent 18 years in the financial services sector, which includes stints at Goldman Sachs, Credit Suisse, JP Morgan, and Jefferies India.

“We are confident that with this acquisition, we will be able to take wealth management to millions of Indians located across the country, create awareness about the benefits of direct mutual funds and help them manage their investments better,” Bajaj noted.