MUMBAI: Credit-focused Cashe said its parent company has acquired Centcart Insurance Broking Services for an undisclosed amount to help the fintech platform expand into insurance distribution.

According to a statement, 100 per cent acquisition of CentCart was done by Aries Financial Technologies and it follows the similar route taken by the company to enter the wealth management space by acquiring Sqrrl in 2022.

The purchase of Centcart will help Cachet sell insurance plans across life and general insurance categories from all insurance companies in India.

The company will now provide policy recommendations, claims assistance, customized risk management solutions, instant quotes and online shopping option to buy the policy.

Also calling it a "strategic acquisition" that is in line with Cachet's focus on rural and semi-urban areas, the statement said its teams will be trained to sell insurance policies.

Currently, Cashe has 5 crore customers on its platform. Aries founder V Raman Kumar said Cashe will be able to provide personalized product recommendations to all 5 crore users of the platform.

“This acquisition represents an important milestone in our insurance journey, which will add to our momentum and accelerate growth in the region,” Kumar said.

The statement said that the insurance broking industry revenue is projected to grow by 25 percent in 2024, which will be helped by increasing insurance penetration and increasing demand for insurance products.