bharatpe: BharatPe launches investment platform for its merchant partners

Bangalore: New Delhi-based fintech firm BharatPe has launched a new investment platform for its merchant partners as it looks to further its wealth management play. The platform will give traders an option to invest in fixed deposits by Unity Small Finance, it said in a statement on Wednesday.

Last year, a partnership between BharatPe’s parent, financial services major Centrum, and Resilient Innovations got the central bank’s nod to set up a small finance bank, Unity Small Finance.

BharatPe aims to facilitate investment for over 2 million merchant partners over the next 12 months through the new platform.

The merchants of the fintech will be able to access the investment platform on the BharatPe merchant app by clicking on the investment tab. BharatPe has partnered with peer-to-peer (P2P) non-banking companies LenDenClub and Liquiloans to deploy their savings against loans on these platforms for up to 12% interest.

In January, Ashneer Grover became the cofounder of BharatPe
embroiled in a big controversy After an outrageous audio clip featuring him and

The employee went public. The matter escalated over the next two months, when the board asked auditors PricewaterhouseCoopers (PwC) and Alvarez & Marsal (A&M) to audit the firm for financial irregularities and lapses in corporate governance. This eventually led to Grover’s resignation and the company sacking his wife Madhuri Jain, who was the controlling head at the firm.

BharatPe was valued at $2.8 billion in 2021 after raising $370 million in a round led by Tiger Global.

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Originally published at Pen 18