PhonePe enters online stock broking with a new app
The Hindu
Walmart-backed online payments platform PhonePe launched online trading app called share.market
Indian digital payment platform PhonePe on Wednesday entered online stock broking business with a new trading app, Share (dot) Market. PhonePe Wealth Broking launched the app that can be used to invest in stocks, mutual funds and exchange-traded funds or ETFs.
“In the last few years, we have seen an increase in the percentage of savings going into equities in a big way. There is a vibrant growth in the active trading community which trades with different objectives. We believe Share.Market will propel this growth with the backing of our technological prowess, reach, seamless onboarding, and superior product experience,” Ujjwal Jain, chief executive of Share.Market, said in a statement.
In April, the Walmart-backed fintech company launched an e-commerce app called Pincode, and it has also been reported that a PhonePe app store is also in the works.
PhonePe’s interest in the segment became known after it was reported that it had applied for the license for a stockbroking app in 2021. Last year, the company acquired two wealth management platforms called WeathDesk and OpenQ, both of which have a combined valuation of $70 million, to bolster its wealthtech ecosystem.
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“We launched lending, insurance, and payment gateway businesses recently. We started mutual fund distribution four years back and now we are entering the stock broking business under its subsidiary PhonePe Wealth,” said Sameer Nigam, founder and chief executive officer (CEO) of PhonePe.
The payment platform has been expanding constantly in an effort to resemble superapps like the Chinese WeChat. It is attempting to break into a market currently dominated by players like the bootstrapped startup Zerodha, Sequoia-backed Groww and Tiger Global-backed Upstox.
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