Amazon Pay, the wholly-owned subsidiary of world’s biggest e-commerce company Amazon, set to offer wealth management services in India. The company has tied up with homegrown investment advisory services startup Kuvera to offer these services to its 50 million customers in India.
The move follows a similar step taken by Google Pay, which will offer fixed deposits to its customers in India through its banking partner.
Kuvera will provide its services, products and technology know how to create an exclusive experience for Amazon Pay’s users to facilitate investments into mutual funds, fixed deposits, and more over time.
Started in 2017 and owned by Arevuk Advisory Services, Kuvera is a Sebi-registered investment adviser and tech-enabled platform. More than one million customers, with over Rs 28,000 crore of combined assets, have used its platform.
Commenting on the association Gaurav Rastogi, Founder & CEO, Kuvera.in said, “We have built the most feature rich and transformative investing platform with a history of firsts for investors. Through this arrangement with Amazon Pay India, we seek to add value to the investors’ journey. Our goal is to accelerate the democratisation of investing and wealth management in India.”
Worth mentioning here is that this is the first wealth management tie-up for Amazon.
According to Amazon Pay India director Vikas Bansal, the company’s vision is to simplify lives and fulfil aspirations by solving payment and financial needs of every customer. “For our most engaged customers, growing their wealth and investments is a large need, where we think Kuvera can help our customers with their unique offering,” the publication quoted Bansal as saying.
Commenting on the development, Vikas Bansal, Director Amazon Pay India said, “At Amazon Pay, our vision is to simplify lives and fulfil aspirations by solving payment and financial needs of every Indian. For our most engaged customers, growing their wealth and investments is a large need, here is where, we think Kuvera can help our customers with their unique offering.”