CASHe steps into the wealth tech space following the acquisition of Sqrrl
- ByStartupStory | May 10, 2022
CASHe, an AI-driven credit lending platform has forayed into the wealth management space with the acquisition of Sqrrl a Gurugram-based fintech platform in an all-cash deal. The deal comes just after a few months of CASHe’s Rs 140 crore equity funding from its Singapore-based holding company named TSLC Pte Ltd. during which the firm announced its entry into the wealth management sector.
The deal mentioned the merging of Sqrrl’s 10-member team with CASHe’s team with the founders joining the senior leadership of the company. With this acquisition, CASHe will be offering mutual funds, fixed deposits and various other investment options to its customers. However, Sqrrl will continue its identity and operate as an independent platform.
CASHe was founded in 2016 by V Raman Kumar with the aim to provide a digital credit lending platform which offers digital lending products comprising personal loans, credit lines and buy-now-pay-later (BPNL) services to the customers. The company by far claims to have 20 million customers and does disbursement of Rs 200-220 crore loans every month. The founder and chairman of CASHe, Raman said that CASHe’s broad spectrum plans include introducing insurance and investment products. He also added that Sqrrl was the right choice as it offers customers to save and invest.
Sqrrl was founded in 2017 as a goal-based investment platform. It has around Rs 80-100 crore Assets under Management (AUM) with more than 5,00,000 app downloads and customers across 600 Indian cities. It claims to provide users access to over 5,000 mutual fund schemes over 28 mutual fund houses. Following this acquisition, CASHe also plans to scale up Sqrrl’s loan book to Rs 1,000 crore by the year-end.
Samant Sikka, the co-founder of Sqrrl said that the company is pleased to join CASHe as it will help the business grow further by offering Sqrrl’s investment product to CASHe’s vast customer base with just a few clicks. He further added that Sqrrl will continue to focus on the strategy and stable and sustainable growth in the wealth management business. CASHe plans to foray into the credit cards and is aiming at disbursing loans worth Rs 3,500 crore by the end of FY23.
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