Siply announces acquisition of myPaisaa for $7.5 Million
Tech-enabled micro-savings platform Siply has acquired digital chit-fund entity myPaisaa for $7.5 million.
The acquisition is expected to help Siply improve its existing offerings via myPaisaa’s chit-fund distribution platform, expand its customer base, and strengthen its 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 July 2020 by tech industry veterans Sousthav Chakrabarty and Anil Bhat, Bangalore-based Siply is a technology-enabled micro-savings platform that provides financial services to underserved masses. Siply wants to be the preferred financial services brand to the 40 crore Indians who are not yet a part of the formal banking system. Through its interactive and user-friendly platform, Siply seeks to inculcate savings and investment behaviour among Indians with limited income to help build an inclusive and financially-secure country.
Siply claims to have seven million users at the moment, with the goal of driving financial inclusion among blue-collar workers. It stated that it became profitable in November of last year.
The platform also allows for the distribution of financial services via physical branches. It currently has 14 branches spread across three states and eight cities. Over the next three years, it intends to expand to 1,000 branches in 115 cities.
“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.
Finsave Technologies’ myPaisaa claims to have over 50,000 registered users at the moment.
Siply raised $19 million in a new funding round led 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.
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