AI-driven financial lending startup CASHe has acquired Sqrrl, in an all-cash deal for its foray into the wealth management space.
With this acquisition, further accelerates CASHe’s strategic vision 3.0 of building a full-stack wellness platform for this cohort of the population.
CASHe said in a statement that the company’s more than 20 million users can now access a digitally enabled, mobile-first, byte-sized investment platform that allows them to travel their investment journey with as little as Rs 100.
This acquisition comes after raising Rs. 140 crore in equity funding from its Singapore-based holding company TSLC Pte Ltd.
CASHe was founded in 2016 by V. Raman Kumar, It is a non-bank, mobile-first, personal loan platform that claims to serve under-served digital customers in the country.
The Mumbai-based company offers short-term personal loans ranging from INR 7K to 3 Lakh for a tenure of 2-12 months.
Gurugram-based Sqrrl was established in 2017 and It is a mobile-first wealth management platform focused on Millennials and Gen Z. It provides unique offerings to the users to invest and increase their earnings through its various savings and investment products.
Over the past few years, CASHe has been introducing new products to suit growing consumer demands and this acquisition of Sqrrl marks its entry into the lucrative Millennial and Gen Z-focused wealth tech space.
“The acquisition of Sqrrl is an important milestone for CASHe’s vision 3.0 roadmap as it sets the stage for the next phase of our growth through our foray into the WealthTech space. By integrating CASHe’s millennial-focused credit-led services with the digital-first wealth and investment management offerings of Sqrrl, we aim to seamlessly fulfill the diverse credit and investment needs of the new-age Indian by offering multi-product access and next-gen financial wellness solutions”, said, V. Raman Kumar, Founder Chairman, CASHe.
“We have grown the wealth management business into being a partner of choice for our discerning customers. This move will help the business scale up further by offering Sqrrl’s investment products to CASHe’s massive customer base with just a few clicks. We will continue to focus on our strategy centred around stable and sustainable growth in the wealth management business with the largest footprint of customers and thereby creating a true one-of-a-kind company”, said, Samant Sikka, Co-founder, Sqrrl.
CASHe is a credit-enabled financial technology platform that offers a wide range of consumer lending products and services including personal loans, Buy Now Pay Later, Credit Line, payments and transfer facilities to salaried millennials using its proprietary credit rating algorithm, the Social Loan Quotient (SLQ).
Headquartered in Mumbai, India, CASHe has disbursed loans worth Rs 2,500 crores to 3 lakh customers, with over 70 percent repeat users. Starting as a personal loan app in 2017, CASHe has now morphed into a full-fledged financial services platform that offers its customers everything financial, covering credit, EMI shopping, payments & insurance services.
Sqrrl is a digital-first personal finance brand aimed at making savings and investments delightful for young Indians. A new age brand that articulates personal finance management in a simple intuitive manner while giving its consumers the very best in technology-led personal finance solutions.
Sqrrl is a delightful easy-to-use savings and investment app targeted at the millennials. It provides a simple, paperless and smooth onboarding experience. First digital personal finance app in India that is available in 8 Indian languages. Smart technology and AI-driven modern investment methodology. Curated products and research-driven philosophy. Personalized towards one’s savings and investment goals. Founder’s vision: Make a difference in the way Indians Save & Invest!