Credit lending firm CASHe acquires Sqrrl, forays into wealth tech space

CASHe on Tuesday announced its foray into the wealth management space with the acquisition of a Gurgaon-based WealthTech platform Sqrrl, in an all-cash deal, subject to regulatory approvals.

The strategic buy-out broadens CASHe’s millennial-focused credit-led product and services suite to now cover their investment and wealth management needs as well.

The acquisition further accelerates the company’s strategic vision 3.0 of building a full-stack financial wellness platform for this cohort of the population.

Over 20 million users of CASHe can now access a digitally enabled, mobile-first, byte-sized investing platform that will help them kick-start their investment journey with as little as Rs. 100.

The acquisition comes close on the heels of CASHe raising Rs. 140 crores in equity funding from its Singapore-based holding company TSLC Pte Ltd. The deal will be primarily funded from its surplus capital, reflecting the company’s strong financial position.

Over the past year, CASHe has constantly introduced new product offerings in line with increasing consumer demands and has now entered the highly lucrative millennial and GenZ-focused WealthTech space. 

This consolidation brings unique synergies between Sqrrl, India’s first vernacular app in the WealthTech space serving over 5 lakh users across 600 cities, and CASHe, one of India’s fastest growing credit-led financial wellness platforms with over 20 million users and adding a staggering one million new users every month.

The strategic acquisition will effectively capture the combinational synergies of both platforms to create a seamlessly embedded industry-first LendTech, InvestTech, and InsureTech platform offering the full gamut of financial services for the digitally native Indians.

Post the acquisition, the co-founders of Sqrrl will continue to lead CASHe’s wealth management business.