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PhonePe enters stock trading segment
August 31, 2023
PhonePe announced its foray into stock broking business with the launch of a new mobile application called ‘Share(dot)Market’, under its subsidiary PhonePe Wealth Broking. As per a CNBC-TV18 report, the announcement by the leading digital payment platform marks the completion of offerings in its financial services bouquet, said Sameer Nigam, the CEO and Co-Founder of the company.
According to PhonePe, the Share(dot)Market app elevates the discount broking by providing market intelligence and quantitative research-based WealthBaskets, a scalable technology platform. It will be available as a mobile app and a dedicated web platform, enabling retail investors to buy stocks, engage in intra day trades, buy curated WealthBaskets and mutual funds.
In 2022, PhonePe acquired two wealthtech platforms, WealthDesk and OpenQ, valued together at $70 million. This acquisition was part of PhonePe’s ongoing expansion into financial services beyond payments, according to Moneycontrol.
Share(dot)Market app will provide a wide spectrum of investment products, including stocks (intraday and delivery), mutual funds, exchange-traded funds (ETFs), and WealthBaskets, according to CNBC-TV18.
WealthBaskets are curated collections of stocks/investment products by SEBI registered intermediaries that align with specific themes, sectors, or market trends enabling active equity portfolio building with great convenience, and are available at low costs, said the report.
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