Micro-savings platform Siply buys myPaisaa for $7.5 million By CIOTechOutlook Team

Micro-savings platform Siply buys myPaisaa for $7.5 million

CIOTechOutlook Team | Tuesday, 07 February 2023, 03:10 IST

With the support of myPaisaa's chit-fund distribution infrastructure, the acquisition is anticipated to help Siply improve its current offers, grow its clientele, and solidify its position as a provider of digital, sachet financial services.

“We plan to leverage myPaisaa's advanced new-age chit platform to enhance our existing offerings and expand our customer base,” Sousthav Chakrabarty, cofounder and chief executive of Siply, said in a statement.

Chakrabarty, Anil Bhat, and Nitin Mittal founded Siply in 2020. It is a micro-savings software that enables marginalised populations to invest in things like digital gold and other financial assets. Along with other sachet-size financial products, it also offers microcredit.

Siply asserts that seven million people currently utilise its platform, which aims to promote financial inclusion among blue-collar employees. It claimed that in November of last year, it became profitable.

Through its physical locations, the platform also makes financial services available. It currently has 14 branches spread throughout eight cities and three states. Over the next three years, it wants to expand this to 1,000 branches spread throughout 115 locations.

Finsave Technologies' myPaisaa reported having more than 50,000 users who have signed up so far.

“We are eager to leverage Siply's resources, expertise, and distribution to expand our reach further and bring our chit-based products to even more individuals in need,” said Veerapraveen, cofounder, Finsave.

Siply had raised $19 million as part of a new fundraising round headed by Qi Ventures in June of last year.

By March 2023, the savings app hopes to increase its annual revenue run rate (ARR) to $12 million.