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Amazon Pay India to Offer Wealth Management Services Backed by Kuvera.in

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Kuvera.in, an Indian online platform for mutual funds, digital gold, fixed deposits, cryptocurrency exchange and US ETF investment , has joined forces with Amazon Pay India to supply providers, merchandise and technical know-how to customers.

This partnership boosts the ability to facilitate funding in mutual funds, mounted deposits and extra over time.

The online mutual fund funding platform in India provides loans guaranteed by a portfolio. It also offers health coverage. Arevuk Advisory Services Pvt. Ltd., a Bangalore-based company, manages the site. Kuvera touts itself as a wealth management platform for individual investors, with no fees or commissions on direct mutual fund investments.

Arevuk Advisory Services Pvt. Ltd., Kuvera's parent business, registered as an investment advisor (RIA) with SEBI on July 19, 2016 (registration number INA200005166). In two rounds of angel finance, Kuvera raised a total of $500,000. Baskar Subramanian, co-founder of Amagi, and Saket Kumar, Managing Director of Swank Capital, among others, invested $250,000 in the second round of angel financing in March 2018. The company partnered with Vested Finance last year to allow its Indian traders to invest in US equities such as Netflix, Facebook, and Apple.

“We've built the most feature-rich and transformational investment platform for investors with a track record. We hope that by partnering with Amazon Pay India, we can bring value to the buyer's journey. We intend to accelerate the democratization of funding and asset administration in India”, Gaurav Rastogi, Founder and CEO, Kuvera.in.

Kuvera has maintained its growth momentum since early 2017, with over one million customers and $28,000 crore with assets under recommendation.

“For our busiest prospects, increasing their wealth and investments is a vital necessity, and this is where we expect Kuvera to assist our prospects with their unique choices”, says Vikas Bansal, Director, Amazon Pay India. Is.

This is supposed to be Amazon's first wealth management partnership anywhere on the planet. While Amazon Pay will distribute Kuvera's wealth management services, the Indian startup's tech-driven platform will execute and manage customers' money under the current deal.

Amazon Pay's decision to offer wealth management services comes only days after Google Pay made a similar step to offer fixed deposits to its Indian users. It’s believed that the two initiatives by the two global behemoths signal a shift in the Indian financial services environment, where the sheer scale of the market is luring the finest and the biggest from around the world to establish a presence.

“Through the collaboration between Amazon Pay and Kuvera, Kuvera can give the most effective financial savings and funding merchandise to a vast base of customers across the country”, adds Alok Advani, Managing Partner, Fidelity International Strategic Ventures, an early investor in Kuvera.

“We've built the most feature-rich and transformational investment platform for investors with a track record. We hope that by partnering with Amazon Pay India, we can bring value to the buyer's journey. We intend to accelerate the democratization of funding and asset administration in India”, Gaurav Rastogi, Founder and CEO, Kuvera.in.

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