Latest News | Phonepe to Acquire Wealthdesk, Open IQ for USD 75 Million
Get latest articles and stories on Latest News at LatestLY. Walmart-backed PhonePe on Wednesday said it is acquiring two wealth management platforms WealthDesk and Open IQ.
New Delhi, May 18 (PTI) Walmart-backed PhonePe on Wednesday said it is acquiring two wealth management platforms WealthDesk and Open IQ.
While PhonePe did not disclose the deal size, sources aware of the development said that the total deal is in the range of USD 75 million.
Also Read | Apple To Reportedly Unveil 3 Smartwatches Along With iPhone 14 Series on September 13, 2022.
"PhonePe is acquiring WealthDesk ('Wealth Technologies & Services Private Limited'). The founder and the entire team will be working as a part of the PhonePe group and both the platforms will remain independent," Phonepe said.
A PhonePe spokesperson said that WealthDesk will continue to remain an open platform for all players, and the founder Ujjwal Jain will continue defining the vision for his company.
Also Read | Vivo T2 To Be Launched on May 23, 2022; Check Expected Features & Specifications Here.
"WealthDesk currently has over 50 partners across categories already working with them and we expect their platform to scale further by integrating with more partners and to become a gold standard for investment technology," PhonePe said.
The valuation of Wealthdesk is over USD 50 million, the source said.
PhonePe is also acquiring OpenQ (Quantech Capital Investment Advisors Private Limited), subject to necessary regulatory approvals.
OpenQ is a smart beta wealth management platform, which designs investment strategies and optimal portfolio construction advice. Post acquisition, OpenQ will be instrumental in creating the Wealth Ecosystem for the PhonePe Group, the statement said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)