Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now
Budget 2023
Budget 2023

Personal finance apps are now as popular as TikTok due to Covid-19. Well, almost

Wealth management startups have seen faster adoption and more engagement than before, as online services have gained from the pandemic.

May 23, 2020 / 03:53 PM IST

Internet-based personal finance startups have seen a spike in usage during the COVID-19 pandemic, as more users have flocked to save money, rebalance portfolios and explore safer investment options from home.

Wealth management startups including Groww, INDWealth and Zerodha, among others, have seen faster adoption and more engagement than before, as online services have gained from the pandemic which has put a stop to all offline activity and led to a lockdown.

For instance, Smallcase, which provides digital infrastructure to brokerages to invest in portfolios of stocks and exchange-traded funds (ETFs), has added over 3 lakh investors to its platform since March, compared to 1.27 lakh in the January-February 2020, founder and CEO Vasanth Kamath said.

Smallcase can be seen as a curated basket of stocks. Kamath also said they have seen about 3.5 lakh smallcase transactions since March, compared to about 1.5 lakh in January and February combined.