Davidwnl at 11:16, 28 December 2024

2024-12-28T11:16:36Z

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{{Short description|Fintech and wealth management platform}}
{{Use dmy dates|date=June 2022}}
{{Use Indian English|date=June 2022}}
{{Infobox company
| name = ET Money
| logo = ET Money logo.svg
| logo_size =
| logo_upright = 
| logo_alt =
| logo_caption =
| former_name = Smartspends
| type =
| industry = [[FinTech]]
| genre =
| founded = {{Start date and age|2015}}
| founder = Mukesh Kalra
| hq_location_city = [[Gurgaon]], [[Haryana]]
| hq_location_country = India
| area_served = India
| key_people = Mukesh Kalra (CEO) Santosh Navlani (COO)
| products = [[Insurance]], [[Systematic investment plan|SIP]], [[Mutual fund|Mutual funds]], [[Loan|Loans]], [[Payment card|Cards]], [[Fixed deposit]], [[National Pension Scheme]]
| owner =
| members =
| members_year = 
| num_employees =
| num_employees_year = 
| aum = $3 billion (₹28,000 crores)<ref name=d/>
| parent = 360 One WAM
| divisions =
| website = {{URL|https://etmoney.com}}
}}
'''ET Money''' is an Indian [[fintech]] and [[wealth management]] platform which was founded in 2015 .<ref name=b>{{cite news |title=ET Money's big billion feat |url=https://economictimes.indiatimes.com/markets/stocks/news/et-moneys-big-billion-feat/articleshow/60822247.cms |newspaper=[[The Economic Times]] |date=25 September 2017}}</ref> It offers a variety of financial products and services, including mutual funds, insurance, fixed deposits, [[National Pension System|NPS]] and [[Systematic investment plan|SIPs]].<ref name=c>{{cite news |title=ETMONEY offers zero-commission MFs to app users |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/etmoney-offers-zero-commission-mfs-to-app-users/articleshow/65664620.cms |newspaper=[[The Economic Times]] |date=4 September 2018}}</ref>
The investments tracked and managed on the app is US$3 billion ({{INR}}22,500 crore) as of March 2022.<ref name=d>{{cite news |title=Mutual Fund investments on ET Money cross $3 billion |url=https://economictimes.indiatimes.com/mf/mf-news/mutual-fund-investments-on-etmoney-cross-3-billion/articleshow/87771215.cms |newspaper=[[The Economic Times]] |date=8 November 2021}}</ref>

In June 2024, was acquired by 360 One Wealth and Asset Management for 366 crores ($44 Million).<ref>{{Cite web |last=Singh |first=Manish |date=2024-06-12 |title=India's 360 One acquires mutual fund app ET Money for $44M |url=https://techcrunch.com/2024/06/12/indias-360-one-acquires-mutual-fund-app-et-money-for-44m/ |access-date=2024-06-13 |website=TechCrunch |language=en-US}}</ref>

== History ==
ET Money was founded in 2015 by Mukesh Kalra, who earlier founded the fintech company Moneysights in 2009, which was later acquired by [[Times Internet]] in October 2014. Moneysights was backed by ex-[[HP Inc.|HP]] and [[IBM]] executive Prasad Duvvuri, Blume Ventures and Naveen Tewari of [[InMobi]].<ref name=b/>

The app was launched as Smartspends<ref>{{cite news |title=Times Internet launches Smartspends personal finance app |url=https://timesofindia.indiatimes.com/apps/times-internet-launches-smartspends-personal-finance-app/articleshow/48100594.cms |publisher=[[The Times of India]] |date=6 October 2015}}</ref> and later, it was rebranded to ET Money in October 2016.<ref>{{cite news |title=Smartspends gets rebranded to ET MONEY, adds mutual fund transactions |url=https://www.gadgetsnow.com/apps/smart-spends-gets-rebranded-to-et-money-adds-mutual-fund-transactions/articleshow/54527929.cms |publisher=[[The Times of India|GadgetsNow]] |date=6 Oct 2016}}</ref> The ET Money secured 2.5 million app downloads in 2017.<ref name=b/> It processed over 2 crore investment orders and registered a {{INR}}500 crore sales in the mutual fund within two years of its launch. It had more than 4 million users on its app, as reported in 2018.<ref name=c/> It currently has more than 5 million app downloads on the [[Google Play]] store as of April 2022. Initially, it was conceived as a platform to help users maintain their daily and monthly spending. Later it added mutual funds and insurance products to its features.<ref name=b/> It tied up with various financial services companies and banks, including [[Reliance Industries|Reliance Mutual Fund]], [[Bajaj Finance]], [[HDFC Life]] and [[RBL Bank]] to offer multiple products and services.<ref name=c/><ref>{{cite news |title=ET Money partners with Bajaj Finance to offer hassle-free online FDs with up to 7.35% returns |url=https://timesofindia.indiatimes.com/business/india-business/etmoney-partners-with-bajaj-finance-to-offer-hassle-free-online-fds-with-up-to-7-35-returns/articleshow/77391987.cms |publisher=[[The Times of India]] |date=6 August 2020}}</ref><ref>{{cite news |title=ETMONEY joins forces with HDFC Life to bring India's first data-led life insurance policy for millennials |url=https://economictimes.indiatimes.com/wealth/personal-finance-news/etmoney-joins-forces-with-hdfc-life-to-bring-indias-first-data-led-life-insurance-policy-for-millennials/articleshow/57426170.cms |newspaper=[[The Economic Times]] |date=2 March 2017}}</ref>

In April 2021, it launched an [[Aadhaar]]-based SIP ([[Systematic Investment Plan]]) payments feature, which can be used to start a SIP online and set up automatic payments using an [[Aadhaar]]-based [[One-time password|OTP]] verification.<ref>{{cite news |title=ETMONEY becomes India's first to launch Aadhaar-based SIP payments |url=https://timesofindia.indiatimes.com/business/india-business/etmoney-becomes-indias-first-to-launch-aadhaar-based-sip-payments/articleshow/82085002.cms |publisher=[[The Times of India]] |date=15 April 2021}}</ref>

In October 2021, the company crossed the sale of {{INR}}500 crore of mutual funds in a month and investments managed through ET Money exceeded {{INR}}20,000 crore.<ref name=A>{{cite news |title=ETMONEY crosses Rs 500 cr gross mutual funds sales in a month; investments managed surpasses Rs 20,000 cr |url=https://economictimes.indiatimes.com/wealth/personal-finance-news/etmoney-crosses-rs-500-cr-gross-mutual-funds-sales-in-a-month-investments-managed-surpasses-rs-20000-cr/articleshow/86829507.cms?from=mdr |publisher=[[The Times of India]] |date=7 October 2021}}</ref> In March 2022, it registered a $3 billion (₹22,500 crores) of total mutual fund investments being managed on the platform. The investments completed through the app has increased from {{INR}}832 crore in March 2019 to over {{INR}}7,500 crore in Oct 2021, a 901% growth.<ref name=d/> The company launched ET Money Genius, a premium membership service to offer personalised investing knowledge to its users, in January 2022.<ref>{{cite news |title=ET Money introduces new brand identity; adds personalisation to India's investments |url=https://timesofindia.indiatimes.com/business/india-business/et-money-introduces-new-brand-identity-adds-personalisation-to-indias-investments/articleshow/89045896.cms |publisher=[[The Times of India]] |date=21 January 2022}}</ref>

360 ONE WAM, a wealth manager for ultra-high-net-worth individuals, announced to the stock exchanges on June 12 that it has entered into a definitive agreement to acquire ET MONEY, a digital platform focused on wealth management for 366 crores.<ref>{{Cite web |last=Sil |first=Debarghya |date=2024-06-12 |title=Times Internet Sells ET Money To 360 One WAM In A $44 Mn Deal |url=https://inc42.com/buzz/times-internet-sells-et-money-to-360-one-wam-in-a-44-mn-deal/ |access-date=2024-06-13 |website=Inc42 Media |language=en}}</ref>

== Features ==
The app offers to purchase and sell direct mutual funds at zero commission charge.<ref name=c/><ref name=e/> The app allows users to buy various financial products and services such as mutual funds, insurance, fixed deposits, instant loans, [[National Pension Scheme|NPS]] (National Pension Scheme) and [[Systematic Investment Plan|SIPs]].<ref name=c/> It has a feature called SmartDeposit, which is powered by [[Reliance Nippon Life Insurance|Reliance Mutual Fund]] and it allows users to earn higher interest rate on saving account balance.<ref>{{cite news |title=ETMONEY launches ‘SMARTDEPOSIT’ to help Indians earn upto 8% on savings account balance without much risk |url=https://www.adgully.com/etmoney-launches-smartdeposit-to-help-indians-earn-upto-8-on-savings-account-balance-without-much-risk-70244.html |publisher=Adgully |date=15 December 2016}}</ref>

The app creates a category-wise record of spending incurred by a user by connecting to the user's [[SMS]] records and fetching data on electronic transactions. It creates the user's financial and risk profile based on the data obtained from the transaction records captured in text message alerts. It also allows users to buy [[Life insurance|life]] and [[term insurance]] plans, [[Motor Vehicle Insurance (India)|motor vehicle insurance]], [[health insurance]], [[gold]], and [[Mutual fund|mutual funds]].<ref name=b/> It also lets its users check their [[Credit score|credit scores]] on its platform for free.<ref>{{cite news |title=ETMONEY rolls out free credit score for all users |url=https://timesofindia.indiatimes.com/business/india-business/etmoney-rolls-out-free-credit-score-for-all-users/articleshow/69523345.cms |publisher=[[The Times of India]] |date=27 May 2019}}</ref><ref name=i>{{cite news |title=ETMONEY introduces seamless, instantaneous investments in NPS |url=https://timesofindia.indiatimes.com/business/india-business/etmoney-introduces-seamless-instantaneous-investments-in-nps/articleshow/74211145.cms |publisher=[[The Times of India]] |date=19 February 2020}}</ref>

== Reception ==
Reviewing the app, Deepti Ratnam of ''[[Zee Entertainment Enterprises|BGR.in]]'' writes, ‘''Packed with deep insights and fundamentals to advanced concepts of fund investing, this app helps investors develop strategies to meet their financial goals.''’<ref name=e>{{cite news |last1=Ratlam |first1=Deepti |title=Top investment apps in India in 2022: Groww, ET Money, CashRich, and more |url=https://www.bgr.in/apps/top-investment-apps-in-india-in-2022-groww-et-money-cashrich-and-more-1038962/ |publisher=[[Zee Entertainment Enterprises|BGR]] |date=26 January 2022}}</ref> It was awarded the 2019 Mobexx Awards under best mobile app for financial services category in 2019.<ref>{{cite web |title=Mobexx Awards 2019 Winners |url=https://mobexx-awards-2019.adgully.com/winners-list.php |website=Adgully.com |date=2019}}</ref> The app was featured by [[Google]] as a top personal finance app in 2016.<ref>{{cite news |title=ETMoney launches 'SmartDeposit' to help consumers earn 7-8% interest on their savings account |url=https://economictimes.indiatimes.com/wealth/personal-finance-news/etmoney-launches-smartdeposit-to-help-consumers-earn-7-8-interest-on-their-savings-account/articleshow/55994835.cms |newspaper=[[The Economic Times]] |date=15 December 2016}}</ref>
== See also ==
{{Portal|Companies|India}}
* [[Kuvera.in]]
* [[Mutual funds in India]]
* [[Times Internet]]

== References ==
{{reflist}}
== External links ==
* [https://www.etmoney.com/ Official website]
* [https://rakshithpai.com/et-money-genius/ Et Money Genius Guide]
* [https://www.gadgetsnow.com/reviews/et-money-the-go-to-app-for-all-your-financial-needs/articleshow/68916768.cms ET Money Review] on [[The Times of India|GadgetsNow]]
{{The Times Group}}
{{Financial services in India}}
{{Online brokerages}}
{{FinTech in India}}
[[Category:Internet properties established in 2015]]
[[Category:2015 establishments in India]]
[[Category:The Times Group]]
[[Category:Companies of The Times Group]]
[[Category:Financial services companies established in 2015]]
[[Category:Indian companies established in 2015]]
[[Category:Financial services companies of India]]

ET Money - Revision history

Davidwnl at 11:16, 28 December 2024