Scripbox, a digital wealth management platform that places greater emphasis on the mutual fund industry, has announced the acquisition of Mitraz Financial, an entity that offers customised financial advisory services to high net worth individuals for an undisclosed value.
With this acquisition, Scripbox can expand its range of services and reach new customer groups. This is the second acquisition of Scripbox that acquired a digital wealth management company in 2019. From the acquisition, Scripbox and Mitraz Financial will be able to provide a comprehensive wealth management solution powered by technology, data and science, and complemented by the human touch, said a senior Scripbox official.
Established in 2012, Scripbox currently has 2,500 assets under management with a reach of 1,250 cities in the country. Bengaluru-based Mitraz was founded in 2009 by Anup Bansal and Varun Girilal which provides fee-based financial advice.
According to a report from Boston Consulting Group (BCG), India is the fifth-largest market in Asia in terms of HNIs and UHNIs. This decision will strengthen and expand Scripbox’s growing wealth management footprint in India and strengthen Mitraz Financial’s existing efficiency and scale capabilities.
In his remarks on the deal, Mitraz Financial Cofounder and MD Anup Bansal stated, “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.”