Happy Tuesday! Traditional financial services firms are the latest to launch so-called super apps. This and more in today’s ETtech Morning Dispatch. Also in the letter: ■ Anuj Rathi as Cleartrip CEO ■ Explained: Exits at OpenAI ■ Pine Labs to move domicile to India Traditional financial services catch the super app bug In the first fintech wave, the likes of Amazon Pay, PhonePe and Paytm tried to go the super app way.
Now, traditional financial service firms are taking a stab at it . What’s the matter? Businesses like Aditya Birla Capital, Angel One and Muthoot Fincorp are now building one-stop applications for all sets of financial services. The diversification is being carried out by acquiring and partnering with fintech companies, or by creating their own platforms.
Background: Last month, Aditya Birla Capital introduced its omnichannel direct-to-consumer platform, Aditya Birla Capital Digital. It offers 22 products and services, including Unified Payments Interface-based transactions, bill payments and online recharges, in addition to financial services like loans, insurance, investment options and personal finance tracking tools. Tell me more: Muthoot Fincorp One, launched last year, has garnered about 1.
23 million downloads and is showing promising usage rates, with more than 600,000 monthly active users. Angel One is also in the process of adding new products to its super app, such as consumer credit and fixed income products that are currently in beta testin.