Scripbox, an online wealth management platform, has made a strategic investment in Wealth Managers, a Pune-based wealth advisory platform.

The deal is expected to strengthen Scripbox’s geographical presence, expand its customer base and offer digital solutions to Wealth Managers’ clientele.

Scripbox | Digital Wealth Management Service

Founded by Atul Shinghal in 2012, Scripbox offers digital wealth management services and is a pioneer in the digital financial services space. It follows a hybrid model of digital as well as financial planners to help users manage their finances.

Scripbox uses proprietary algorithms to deliver a holistic view of investments and personalised recommendations for better outcomes.

Speaking on the development, Atul Shinghal, founder and chief executive of Scripbox, said,

“In this business, brand and trust matters. The customers of independent financial advisors partnering with us get an upgraded experience in terms of portfolio creation, while Scripbox gets access to a mature customer base.”

Since its inception, the wealth management platform has grown its assets under management to over Rs 12,000 crore and has 100,000 customers. Additionally, Scripbox has executed over 8 million transactions on its platform. The startup has been recognised as the 2nd most influential financial services brand globally by LinkedIn and has received the Financial Express’ Best Bank Award.

Over the last six months, Scripbox has entered into five-six partnerships with offline wealth advisory firms. The startup has executed 10 acquisitions and partnerships with independent wealth advisory firms over the past two years, including the latest tie-up with Wealth Managers.

As per Atul Shinghal, Scripbox is a cash-flow positive business and focused on customers in the Rs 50 lakh to Rs 5 crore net-worth range. Additionally, the startup is planning to forge two to three additional partnerships with wealth advisory firms this year. It is also looking to make insurance advisory live for customers on its platform.

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