Fintech giant Paytm Money, which turned two on Monday, said that 60 percent of its users belong to smaller towns and cities, and were using digital financial services for the first time.
The platform, which allows users to invest in equity and debt mutual funds, and enables SIPs, has nearly 66 lakh users, it said, with 70 percent of them investing in financial instruments for the first time.
Paytm Money’s new equity stockbroking services, which it recently unveiled and said would be launched soon, has already received more than 2.5 lakh registrations, the company reported, as low prices and digital KYC features appealed to users.
“We are on a mission to democratise wealth services for millions of Indians that would play a key role in building Aatmanirbahar Bharat,” Varun Sridhar, CEO of Paytm Money, said in a press statement.
“We strive to become the first step in the investment journey so that every user benefits from technology and financial inclusion,” he added.
Providing financial services to every Indian household, no matter how far-flung or remote, has been Paytm’s mission when it launched. Despite several initiatives by the Government of India to bring all parts of the country under the fold of an institutional financial system, 20 percent Indians still don’t have a bank account.
That is being remedied by fintech giants like Paytm that not only help people open secure banking accounts, but also educate them about investments and wealth creation via the various financial tools present today.
The Bengaluru-based startup said it saw a 100 percent increase in monthly new SIP registrations, and a 143 percent increase in monthly investment volumes.
At its peak, it saw investments of Rs 2 crore per hour happening on the platform. Paytm Money today has over Rs 20 crores in mutual funds volumes, it said.
Edited by Kanishk Singh
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