Naspers-backed online wealth manager Fisdom is getting into stock brokerage

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Online wealth management company Fisdom, which is backed by venture capital firm Naspers, has moved into stock brokerage.

β€œThe new business will offer a full suite of products to clients, including equities, derivatives, IPOs, gold sovereign bonds, currencies and ETFs,” the company said in a statement. Currently, Fisdom operates a successful mutual fund distribution platform.

The brokerage foray comes amid a frenzy of new account openings backed by market momentum. The number of demat accounts in the country has more than doubled to 70 million so far this year. Fisdom said it will offer a low-cost structure with premium offerings such as search coverage across 3,500 individual scripts, filters and proprietary tools.

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