Choice International, through its subsidiary Choice Wealth Management, has acquired the mutual fund distribution business of Bank Bazaar for an undisclosed amount.
The all-cash deal is a win-win situation for both entities and the users of Bank Bazaar can access the research tools available on Choice’s online platform, Investica, for investing in mutual funds, said Choice International.
The acquisition is part of Investica’s inorganic growth strategy to grow share and size in the fintech mutual fund distribution business, it added..
In 2016, Bank Bazaar had forayed into online mutual fund distribution space from select asset management companies using a proprietary research methodology for investors.
Established in 2017, Choice’s Investica is a web-app platform for Mutual Funds Investment, with value-added features such as goal planning, external fund tracker and insta redemption.