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CASHe, an AI-driven credit-led wellness platform on Tuesday announced its foray into the wealth management space with the acquisition of Sqrrl, a Gurgaon-based wealthtech platform, in an all-cash deal.

The acquisition comes close on the heels of CASHe raising Rs. 140 crores in equity funding from its Singapore-based holding company TSLC Pte Ltd. The deal will be primarily funded from its surplus capital, reflecting the company’s strong financial position. Over the past year, CASHe has constantly introduced new product offerings in line with increasing consumer demands and has now entered the highly lucrative millennial and GenZ-focused WealthTech space, as per the firm.

“The strategic buy-out broadens CASHe’s millennial-focused credit-led product and services suite to now cover their investment and wealth management needs as well. The acquisition further accelerates the company’s strategic vision 3.0 of building a full-stack wellness platform for this cohort of the population. Over 20 million users of CASHe can now access a digitally enabled, mobile-first, byte-sized investing platform that will help them kick-start their investment journey with as little as 100," the company said.

V. Raman Kumar, founder chairman, CASHe said, “The acquisition of Sqrrl is an important milestone for CASHe’s vision 3.0 roadmap as it sets the stage for the next phase of our growth through our foray into the WealthTech space. By integrating CASHe’s millennial-focused credit-led services with the digital-first wealth and investment management offerings of Sqrrl, we aim to seamlessly fulfill the diverse credit and investment needs of the new-age Indian by offering multi-product access and next-gen financial wellness solutions. With CASHe’s product offerings accessible to over 20 million users in the country and growing rapidly, this acquisition will aid in extending our reach to the next billion young Indians by offering them an all-new byte-sized investing ecosystem covering a much larger geographical footprint."

CASHe is one of India’s fastest growing credit-led wellness platform with over 20 million users and is adding a staggering one million new users every month. The strategic acquisition will effectively capture the combinational synergies of both platforms to create a seamlessly embedded industry-first lendtech, investtech, and insuretech platform offering the full gamut of financial services for the digitally native Indians. Post the acquisition, the co-founders of Sqrrl will continue to lead CASHe’s wealth management business.

Samant Sikka, co-founder, Sqrrl said, “This move will help the business scale up further by offering Sqrrl’s investment products to CASHe’s massive customer base with just a few clicks. We will continue to focus on our strategy centred around stable and sustainable growth in the wealth management business with the largest footprint of customers and thereby creating a true one-of-a-kind company."

Established in 2017, Sqrrl is a mobile-first wealth management platform focused on millennials and Gen Zs providing them with unique offerings to invest and grow their earnings without the hassle of tedious paperwork through its multiple savings and investment products. 

Sqrrl is an investment platform that uses powerful data analytics and automated processes to deliver the best possible investment experience at the lowest possible cost. It provides five different investment options namely, Mutual Fund investing (SIP / Lumpsum), Goal-based investment, Axe Tax (Tax saving plans) Sqrrl Away (round-up investing or micro-investing), and Fixed Deposit. Sqrrl has pioneered round-up investing in India through their Sqrrl Away offering. 

The platform serves over 5 lakh users across 20,000 pin codes from more than 600 cities, with over 55% of its users coming from beyond the top 30 cities in India. It allows users to access over 5,000 mutual fund schemes across 28 mutual fund houses. Besides its various B2C offerings, it has also built successful partnerships in the B2B2C space with credible alliances with ICICI Bank, Sakal Money, DCB Bank, and many more underway, said the firm.

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