Amazon’s digital payment arm, Amazon Pay, has partnered with Kuvera.in, a mutual fund platform to facilitate wealth management services in India. This is the global ecommerce giant’s first tie-up in this space across the globe.
According to the tie-up, Amazon Pay will distribute the wealth management services of Kuvera while Kuvera’s tech-driven platform will manage and execute customer’s money.
Over the years, Amazon Pay has expanded its business in credit and payments in the country. This move by Amazon Pay has come within days of a similar offering by Google Pay that offers fixed deposits to its users in India.
Industry experts say that this move by the two global giants point towards the shifting landscape in the Indian financial services space where the steep size of the market is drawing the best and the biggest in the world to have a foothold.
According to Vikas Bansal, Amazon Pay India Director, the vision of the company is to simplify things for people and fulfil ambitions by solving the financial and payment needs of each customer. To increase the assets and investments for their most engaged clients, this partnership with Kuvera will help in facilitating this unique offering that includes investments in mutual funds, fixed deposits, and more that will be added over time.
Kuvera’s CEO Gaurav Rastogi says that with this tie up the company seeks to add value to the investor’s journey. The aim is to accelerate the democratization of investment and wealth management in the country.
Once the Amazon Pay user logs into the Amazon Pay app, there will be a wealth management icon. If the user clicks on that icon this will show his willingness to explore the wealth management services, this process will be taken care of by Kuvera’s platform. Kuvera will facilitate investments into fixed deposits and mutual funds.
Kuvera started in 2017 is a SEBI registered investment and financial planning platform that is owned by Arevuk Advisory Services Private Limited. The startup is one of the first tech-enabled platforms in India that offer online goal-based, direct plan mutual fund investment in the country.
Over one million consumers with more than Rs 28000 crore of combined assets have used Kuvera’s platform.