PhonePe, the giant fintech company recently paved it’s way to the mutual funds and stocks market industry with launching its new a stock broking app named “Share.Market.”
Amidst the dominant market player like Upstox, Groww, & Zeesha, PhonePe has appeared to be one of the solicited company in this industry. It gives facilities like trade & invest in stocks, mutual funds, and ETFs (exchange-traded funds) in its new app.
At $12 billion valuation, the Walmart-owned PhonePe has acquired whopping $5 billion in the quarter of May-July. In June 2023, PhonePe launched an Account Aggregator (AA) Services, an RBI regulated financial information sharing platform through PhonePe Technologies Pvt. Ltd.
With acquisition of WealthDesk & OpenQ, PhonePe has become one of the strongest contender in the ever-changing business. PhonePe founder & CEO said, “We launched lending, insurance, and payment gateway businesses recently. We started mutual fund distribution four years back and now we are entering the stock broking business under its subsidiary PhonePe Wealth.“
Overall, the rising participation of different fintech companies in the share market industry will prove to be more conducive for the upcoming stock market industry. Notwithstanding that, people needs to be more informative about new developments of the market entailing market risks.
