M&A

M&A

Wealthtech platform Fintso buys WealthMagic

Business Standard  

Fintso, a Mumbai-based B2B2C wealth-tech platform, has acquired WealthMagic – a SaaS provider in the wealth management space, in a part-equity and part-cash deal. The combined entity will cater to over 1.5 million retail investors with investments to the tune of INR 1.4 trillion (USD 20 billion) of assets, which is being managed by over 3,400 financial product distributors. Mumbai-headquartered WealthMagic is a SaaS provider to mutual fund distributors, transforming their back and front office operations. It was launched in 2016 by Datacomp Web Technologies, a player in the insurance and financial services automation sector. This acquisition will help Fintso augment its presence. Fintso's digital-first financial products suite will enable the WealthMagic users to become Independent Financial Products Providers (IFPPs) with multi-product, multi-manufacturer distribution capabilities.