Stock Trading Platform Groww to foray into Neobanking space
- ByTejika Bajaj | November 29, 2021
The stock trading platform Groww is looking forward to foraying into the neo-banking space in an attempt to make its platform a one stop solution for investment and banking. This move would enable more user stickiness at Groww.
Sources close to the development revealed, “Groww believes that a neo-banking offering will make it a more holistic platform for users. The company wants to become a one-stop solution for banking and investment. The expansion is starting with neobank and in the long haul the company would also add lending. The announcement is yet to be made public.”
With its entry into neo-banking, the investment and banking unicorn would start competing with the likes of Jitendra Gupta’s Jupiter and B Capital as well as Alpha Wave Incubation backed Fi. Foraying into the neobanking space would allow the startup to acquire more users for its stock trading, mutual funds and crypto investments platform. The company is also looking to offer investments in virtual currencies over its platform.
With 20 million registered users and $400 million investment, Groww is one of the fastest startups to record a 10X jump in its valuation within 14 months. Headquartered in Bangalore, Groww is an online platform which allows investors to invest in mutual funds and stocks while also promoting stock market awareness. The startup is a tough competitor to similar startups like Zerodha and Upstox.
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