Digital wealth management platform Scripbox acquires Mitraz Financial
Scripbox, a digital wealth management platform with a larger focus on the mutual fund industry, has announced the acquisition of Mitraz Financial, an entity that provides personalised financial advisory services to high net worth and ultra-high net worth individuals for an undisclosed value.
This acquisition allows Scripbox to expand its range of services and reach out to new sets of customers. This is the second acquisition for Scripbox as it had acquired a digital wealth management company Upwardly in 2019.
A statement from Scripbox said this acquisition will allow both the companies to combine their experience and expertise to create a scalable tech-led wealth management model that can cater to a full spectrum of customer needs. This ranges from early-stage investors with relatively simple needs to the more complex demands of mature investors.
Atul Shinghal, Founder & CEO, Scripbox.
Scripbox believes this acquisition will give it a full stack of financial services portfolio where it will be able to reach out to the HNIs as well take this expertise to a broader set of customers.
“Mitraz has an established track record of industry-leading personalised advisory, and an ethical and honest approach that is loved by their customers. We believe that this partnership offers the best of both worlds - personalised advisory with digital wealth management, for better customer outcomes,” said Atul Shinghal, Founder and CEO of Scripbox.
Founded in 2012, Scripbox current has Rs 2,500 crore assets under management with a reach across 1,250 cities in the country.
Bengaluru-based Mitraz was founded by Anup Bansal and Varun Girilal in 2009. It provides fee-based financial advice.
Commenting on the transaction, Mitraz Financial Co-founder and MD Anup Bansal said, “Scripbox has established itself as the leader in digital wealth management, and integrating their tech-led toolkit with our advisory capability will boost the experience we provide to our clients. We’re thrilled about the possibilities of what we can achieve together.”
Scripbox will also come out with a newer set of products and services which include insurances, and investing in Indian and foreign equities.