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cashe: Cashe ventures into wealth management with Sqrrl acquisition

Byadmin2

May 10, 2022
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Bengaluru: Customer credit supplier Cashe has actually forayed into wealth management with the acquisition of Gurugram-based financial investment platform Sqrrl Fintech in an all-cash offer. The offer goes through regulative approvals.

This follows Cashe’s Rs 140-crore equity financing in January from its Singapore-based holding business TSLC Pte Ltd, throughout which the business revealed its strategy to go into the wealth management area.

As a part of the offer, Sqrrl’s 10-member group will be signing up with Cashe, with the creators signing up with the senior management of the digital loan provider.

With the acquisition, Cashe will offer shared funds, repaired deposits and other financial investment alternatives to its clients. Sqrrl will maintain its identity and run as an independent platform.

Established in 2016, Cashe supplies digital loaning items consisting of individual loans, a credit limit and buy-now-pay-later ( BNPL) services to clients. It declares it has 20 million clients which it pays out Rs 200-220 crore in loans monthly.

” A huge part of our strategy is to widen our offerings to cover financial investment and insurance coverage items. Our last fund raise was for this growth also. However what is essential is that with the Sqrrl acquisition, we get a wealth-tech platform that lets our clients conserve and invest now … Sqrrl was the best fit given that we saw the chance to scale it, as compared to other wealth-tech gamers which are well-funded,” stated V Raman Kumar, creator and chairman at Cashe.

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Established in 2017, Sqrrl is a ‘goal-based’ financial investment platform. It has an approximately Rs 80-100 crore in properties under management (AUM), over 500,000 app downloads, and clients in over 600 Indian cities.

It declares its offers users to gain access to over 5,000 shared fund plans throughout 28 shared fund homes.

After the acquisition, Cashe will want to scale Sqrrl’s loan book to Rs 1,000 crore by the end of the year.

” We are pleased to sign up with Cashe … This relocation will assist business scale up even more by providing Sqrrl’s financial investment items to Cashe’s huge consumer base with simply a couple of clicks. We will continue to concentrate on our method, centred around steady and sustainable development in the wealth management company,” stated Samant Sikka, cofounder of Sqrrl.

Cashe likewise prepares to likewise venture into credt cards and is aiming to pay out loans worth Rs 3,500 crore by the end FY23.

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