1 week ago
MIDASX, MF Utilities Partner on AI Wealth Technology
MIDASX and MF Utilities India are working together on a technology platform for mutual fund distributors.
The platform uses artificial intelligence and lets distributors offer many kinds of financial products in one place.
These products include mutual funds, shares, bonds and fixed deposits.
The companies say this will help distributors serve investors more easily.
It is intended to support distributors in smaller cities as well as large cities.
MIDASX says it already works with more than 2,000 distributors.
It also says its platform serves over 700,000 investors.
The company has raised ₹35 crore and is trying to raise another ₹200 crore.
The partnership is meant to help grow technology-based wealth services across India.
MIDASX entered an exclusive strategic association with MF Utilities India to offer its multi-asset wealth platform to mutual fund distributors nationwide.
The platform will provide access to mutual funds, equities, corporate fixed deposits, loans against securities, bonds and other financial products.
MIDASX says it currently serves more than 2,000 MFDs and 700,000 investors across over 160 cities, with assets exceeding ₹2.5 lakh crore.
The company is also the exclusive strategic and technology partner to the Mutual Fund Distributor Association of Associations, known as MACG.
MIDASX has raised ₹35 crore and is seeking an additional ₹200 crore to accelerate its growth.
- Who
- MIDASX and MF Utilities India, with mutual fund distributors as the intended users.
- What
- An exclusive strategic association to make MIDASX's AI-powered multi-asset wealth platform available to MFDs across India.
- Where
- Mumbai, Maharashtra, with the platform intended for distributors across India.
- When
- The association was announced on August 20.
- Why
- To give MFDs broader product access, AI-enabled tools and technology to build scalable wealth businesses.
Key facts
- Existing MFD network
- More than 2,000 mutual fund distributors
- Investors served
- More than 700,000 investors
- Geographic reach
- More than 160 cities across Tier 1, Tier 2 and Tier 3 Bharat
- Assets reported
- More than ₹2.5 lakh crore
- Capital raised
- ₹35 crore raised to date from family offices and UHNIs
- Additional fundraising
- MIDASX is currently raising ₹200 crore
- Related industry partnership
- MIDASX is the exclusive strategic and technology partner to MACG, representing more than 50 mutual fund distributor associations
Quotes
Aakash Bansal
CEO of MIDASX
“The next phase of India’s wealth creation will be driven by empowering the people who already have the trust of investors. Our job at MIDASX is to give them the future ready, new age and affordable technology to take those relationships across products, markets and geographies.”
theprint.in
“The MFD community continuously plays an increasingly important role in expanding participation in financial markets across India. Our association with MIDASX brings together AI led technology and distribution capabilities for MF & SIF products.”
theprint.in
Sources
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