The acquisition is expected to help Siply enhance its existing offerings through myPaisaa’s chit-fund distribution platform, enhance its customer base and build on the digital, sachet financial services proposition.
“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 on Monday.
Founded in 2020 by Chakrabarty, Anil Bhat and Nitin Mittal, Siply is a micro-savings app that helps underserved masses invest across instruments such as digital gold and other financial assets. It also provides micro-credit along with other sachet-size financial products.
Aiming to drive financial inclusion among blue-collar workers, Siply claims to have seven million users at present. It said it had turned profitable in November last year.
The platform also enables distribution of financial services through its physical branches. At present, it has 14 branches across three states and eight cities. It plans to scale this up to 1,000 branches across 115 cities over the next three years.
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myPaisaa, owned by Finsave Technologies, said it has over 50,000 registered users at present. “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.
In June last year, Siply had raised $19 million as part of a fresh funding round led by Qi Ventures.
The savings app is looking to scale its annual revenue run rate (ARR) to $12 million by March 2023.