Digital-first global private wealth management platform, Kristal.AI, said it had acquired Globalise, which offers access to the US stocks, exchange-traded funds, and ETF baskets for Indian investors. The companies didn’t disclose the size of the deal.
For the affluent and high net worth (HNI) segment, Kristal.AI concentrates on institutional products such as pre-IPO deals, hedge funds, and venture capital funds. At the same time, Globalise offers stock and ETF investments with no minimum criteria for the affluent and retail divisions.
Kristal.AI now has $400 million in assets under management (AUM), and its user base has increased sevenfold to over 30,000 in the calendar year 2021. Kristal.AI has been providing institutional and accredited investors in over 20 countries with access to quality goods and advisory services since its debut in 2016.
According to Kristal.AI, Globalise’s strategic acquisition will allow individual investors to invest in global products through fractional investments.
Asheesh Chanda, founder and CEO of Kristal.AI, 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 will help democratize private wealth management by providing routes for fractional ownership of stocks, ETFs, and stock baskets. As a result, Kristal.AI can better serve this vast group of self-directed investors by assisting with 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.
According to the companies, Globalise’s clients and partners will not see any price or product changes. Furthermore, Globalise’s complete operations team has been retained and will continue working from various locations.
Kristal.AI and Globalise teams will collaborate closely over the next few months to integrate product flows and customer accounts.