InvestorQ : Is it true that PhonePe is foraying into the wealth management space?
manisha Kolvenkar made post

Is it true that PhonePe is foraying into the wealth management space?

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Crowny Pinto answered.
9 months ago
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PhonePe, which is part of the Wal-Mart group of the US, has aggressive plans for its financial services and wealth management business. This business is expected to be scaled up via the inorganic route. Phone Pe will acquire 2 wealth management and investment technology platforms viz WealthDesk for $50 million and OpenQ for $20 million.

Apart from spending $70 million on these acquisitions, PhonePe has also applied to SEBI for an Asset Management Company (AMC) license. WealthDesk is an open source wealth ecosystem while OpenQ is a smart beta wealth platform. The Indian financial services market is expected to touch a level of $340 billion. Whether PhonePe fits into the wealth management business, remains to be seen.

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