FinTech PLUS Financial technology
Paytm Money claimed of registering over 1 million users within six months of launch.
Users of the Paytm app will now get access to the performance of their investments in mutual fund on the Paytm Money portal for free.
Consolidated Account statement has to be uploaded via Karvy Fintech on Paytm money by the investors in order to track all the investments in their portfolio on the PAYTM MONEY APP.
Nearly 1 million users registered within six months of launch- claims Paytm Money.
Investors in Mutual fund invest their money through numerous channels which includes banks, advisors, asset management companies, and distributors don’t have the accessibility to the performance of their investments that too under a single platform.
Investors, irrespective of their channel or the mode of investment can also track their daily portfolio performance without even investing via Paytm Money app
Paytm Money whole-time director Pravin Jadhav said “We received many requests & feedbacks from Paytm Money users to be able to import their external investments to our platform. This assists an investor in keeping track of all investments in one place, further helping in their investment decisions,”
Paytm Money claims that it has partnered with 34 asset management companies which also covers 94% AUM of the mutual fund industry.
Paytm’s mutual fund arm at Bengaluru operates with a team of over 250 members Paytm Money, aspiring to become a wealth management services and full-stack investment company. Offering its users mutual fund investments starting with Rs 100 via systematic investment plan or lump sum mode Paytm has turned to become the ultimate tool for investors.
The company is looking forward for an expansion of around 1-2 more developed markets this year. He also told Reuters that this company’s footing has already been found in Canada and Japan while a lot of its financial and commerce services businesses have started to generate profits and revenue said Paytm’s chief financial officer recently at the World Economic Forum in Davos.
Paytm is also reportedly planning for the expansion of lending and credit cards services.
