Indian fintech CRED is in talks to back the Bengaluru-headquartered startup Smallcase, three sources familiar with the matter said, as the Tiger Global and Alpha Wave Global-backed firm looks to expand its wealth offerings to customers.
CRED’s proposed investment in Smallcase values the startup in the range of $300 million to $400 million, one source said. The size of the investment is unclear and sources requested anonymity as the deliberations are ongoing, at an early stage and private.
CRED declined to comment. A founder of Smallcase did not immediately respond to a request for comment.
Smallcase operates a platform to help a new generation of investors participate in the Indian equity markets.
The startup serves over 3 million users and connects them to an in-house team of licensed professionals who offer more than 100 portfolios of stocks and exchange-traded funds as well as access to independent investment managers, brokerages and wealth platforms.
Smallcase, which counts Amazon, Sequoia Capital India, Blume Ventures and Arkam Ventures among its existing investors, works with a number of stock broker services including Kite and Upstox.
An investment in Smallcase will allow CRED to broaden its wealth management offering. The startup, founded by Kunal Shah, has three marquee offerings. It rewards users for paying their credit card bill on time to help them improve their financial behavior. It also helps them pay and track their rent, education and several other bills.
Its third offering is wealth management. Last year, CRED launched a peer-to-peer lending service called Mint, that offers its customers inflation-beating investment opportunity.
If the deal materializes, it will be the latest of a series of investments by CRED in recent quarters. The startup, valued at $4 billion in its most recent financing round, last year backed business-to-business debt startup CredAvenue, and acquired Happay, which operates a corporate expense management platform.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
