Digital-first global private wealth management platform, Kristal.AI, on Wednesday said it has acquired Globalise which offers access to the US stocks, exchange-traded funds as well as ETF baskets for Indian investors. The companies didn’t disclose the size of the deal.
Kristal.AI focuses on institutional products such as pre-IPO deals, hedge funds and venture capital funds for the affluent and high net worth (HNI) segment, while Globalise offers stock and ETF investing with no minimum requirements for the affluent and retail segments.
Kristal.AI has $400 million of assets under management (AUM) and its user base has grown seven times in calendar year 2021 to over 30,000. Since its inception in 2016, Kristal.AI has been providing access to premium products and advisory services to institutional and accredited investors across 20+ countries.
As per Kristal.AI, the strategic acquisition of Globalise will enable retail investors to invest in global products via fractional investments.
Asheesh Chanda, founder and CEO, Kristal.AI’s, said, “The acquisition of Globalise is complementary as it will help us offer stock and ETF investing with no minimum requirement for the affluent and retail segments. The acquisition will help us penetrate the retail segment and deliver on our mission to bring access to best-in-class products and advisory within the reach of everyone. We see tremendous opportunity in global investing and growth via partnerships will continue to remain an important element of our growth strategy.”
Globalise, with its avenues for fractional ownership of stocks, ETFs, and stock baskets will now assist in democratising private wealth management. Kristal.AI can better cater to this large segment of DIY investors and further help in asset allocation and wealth planning.
“The merger helps us deliver access to premium global products. We couldn’t have found a better home than Kristal.AI for our customers, partners, and team to continue living our vision,” said Viraj Nanda, CEO and co-founder of Globalise.
As per the companies, customers and partners of Globalise will not experience any change in pricing or product. Further, the entire operating team of Globalise has been retained and continues to operate from their respective locations.
Over the next few months, Kristal.AI and Globalise teams will work closely to integrate product flows and customer accounts.
Source: Mint