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Scripbox Invests in Wealth Managers

CIO Insider Team | Monday, 8 August, 2022
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The wealth advising platform Wealth Managers in Pune has received a strategic investment from the online wealth management platform Scripbox.

It is anticipated that this will increase its regional reach, widen its customer base, and give Wealth Managers' clients access to digital solutions.

Scripbox has actively focused on inorganic alliances over the last six months in order to expand its clientele, fortify its staff, and expand its network of financial advisors.

Over the past two years, Scripbox has completed 10 acquisitions and alliances with independent wealth advising businesses, most recently with Wealth Managers.

Accel Partners had led the $21 million debt and equity fundraising round that Scripbox had completed in January.

Wealth Managers expresses that it is impressed with the technology initiatives and process-driven progress made by Scripbox. With Scripbox, Wealth Managers believe that it gets an opportunity to build long-term investments, based on a rational and responsible approach for a larger cross-section of investors

To assist consumers in managing their finances, Scripbox, founded in 2012, employs a hybrid methodology that combines financial planners and digital tools.

Since its founding, the organization has added 100,000 clients and increased its assets under control to over Rs 12,000 crore.

On its platform, more than eight million transactions have been completed.

This year, Scripbox intends to establish two to three more relationships with wealth advice companies. It also hopes to make insurance advisory available to users on its platform.

Customers with net worths between Rs. 50 lakh and Rs. 5 crore are the target market for Scripbox, which is now handled by offline wealth advisors. The company is being cautious with our capital in these partnerships and purchases.

Additionally, Scripbox says that it is a cash flow positive business and uses the capital it raises for doing partnerships and acquisitions.

Wealth Managers expresses that it is impressed with the technology initiatives and process-driven progress made by Scripbox. With Scripbox, Wealth Managers believe that it gets an opportunity to build long-term investments, based on a rational and responsible approach for a larger cross-section of investors.

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