Paasa: Global ETF and stock investing for Indian iPhone users

As an Amazon Associate, we earn from qualifying purchases.

Paasa is a finance app from Y Combinator’s Summer 2024 batch that helps Indian users access global stocks and ETFs from iPhone. The company describes the product as a way to invest in US, UK, European, Chinese, Swiss, and Hong Kong markets, with direct investing and managed strategies available in the same platform. Paasa says it is built for globally minded Indian families, founders, professionals, and others who want to invest across currencies and exchanges from India. (ycombinator.com; paasa.com)

On the website and in the App Store listing, Paasa says users can search and trade from a universe of 15,000+ global stocks and ETFs, choose from rule-based portfolios, and use features such as auto rebalancing, tax-loss harvesting, and access to UCITS funds. The company also says the app can prepare India-specific tax documentation, including LRS-related flows and year-end reports, and that withdrawals can be made to bank accounts in the user’s own name. These features are presented as Paasa’s own service claims, not guarantees about investment outcomes. (paasa.com; apps.apple.com)

The app is intended for Indian residents and some other regions, but Paasa’s site says onboarding for European residents is not supported at this time. It also states that it only provides India-specific tax documentation. For onboarding, the company says Indian residents need PAN and Aadhaar digital copies, while NRIs and foreign nationals need government-issued ID plus foreign address proof. Paasa further notes that funds must be transferred through the RBI-compliant Liberalized Remittance Scheme flow, and that transfers must come from a bank account in the user’s own name. (paasa.com; apps.apple.com)

The company says assets are held with Interactive Brokers under the customer’s name, with SIPC-insured custody up to $500,000 through that broker. Paasa also says two-factor authentication is mandatory, data is encrypted, and its advisory services are provided by a SEBI-registered investment adviser. The website and App Store listing both frame Paasa as a financial technology app rather than a bank or brokerage, with licensed partners handling banking and brokerage services. (paasa.com; apps.apple.com)

For iPhone users, the App Store listing says the app is free, requires iOS 16.4 or later, and is categorized as Finance. It is designed for iPhone and iPad, and Apple’s listing notes 13+ age rating. Paasa’s public pages emphasize that the app is for investing and trading, so users should expect to complete KYC and funding steps before they can place trades. As with any securities app, availability and features depend on location, eligibility, and the company’s partner infrastructure. (apps.apple.com; paasa.com)