Digital payments firm, Paytm announced to set up ‘Paytm Money Limited’ to build investment & wealth management products for its users.
The payments firm has named Pravin Jadhav, joined the company as SVP, to lead this new business, which is yet to get regulatory approval. The plan is expected to be launched in the first quarter of 2018. He will lead this new business from its Bengaluru Office.
“Today, with Paytm Money, we have taken the next logical step in the direction of wealth management. Pravin and his team is on a mission to make wealth management easier and accessible to large number of Indians. We aim to increase the size of wealth management customer base and bring simple and easy to understand wealth products to out customers, “said Vijay Shekhar Sharma, CEO, Paytm.
“India’s wealth management services market has so far focused mainly on the urban segment leaving a huge chunk of the market untapped. I am excited to join Paytm Money to build the most consumer friendly investment product and experience for investors. India will be a mutual-funds first market and we are in discussions with leading AMCs to offer MF investments in direct mode for our users, ” Jadhav said in a statement issued by the company.
Paytm recently inked partnership with Induslnd Bank to introduce a first-of-its kind facility to create a linked Fixed Deposit.