For $75 million, Phonepe India’s payment platform is acquiring two other platforms. OpenQ is a wealth management platform, while WealthDesk is an investment platform.
It has been said that the entire WealthDesk crew will be working continuously. The Phonepe is another component of India’s payment system. Both platforms, on the other hand, will stay independent.
Phonepe is acquiring both the payment platform and the wealth management platform OpenQ. The wealth management platform OpenQ, as previously mentioned, is a platform for all of them.
Those seeking a wealth management platform, and this would be for India’s digital payment platform’s unusual regulatory permission. As a result, the platform OpenQ will be available for India’s digital payment platform, Phonepe, as well as the wealth ecosystem for this platform.
This will allow Phonepe’s platform to claim or reserve a spot in wealth management. As a result, when we look at its competitors, such as Amazon, it is only tangentially involved. Last August, the competitor of India’s digital payment network Phonepe received a $40 million investment.
Furthermore, the platform was successful in the month of April. IndusOS, the company’s mobile discovery platform, was acquired for $60 million. And the business emerged from the courtroom with its investors. Phonepe will not incorporate these two purchases into its operations. WealthDesk has more than 50 partners worldwide. Which are already scaling up and working with the platform.
As with the WealthDesk investment. It received $3.2 million in investments the previous year. Mathew Cyriac had sent it. Not only that, but it also had a number of investments. This is what the firm recently stated.