Siply, a Bengaluru- based Fintech startup announced raising 1 Million USD in a Seed Round on 11th of January 2021. They will use the funds for the team enlargement, uplifting its technology platform and organizing pilots initially with its partners.
Siply was established in July 2020 by Sousthav Chakrabarty, Anil Bhatt and Nitin Mittal. ( CEO and Co-founder of the company).
Inflection Point Ventures which is one of India’s active angel networks was included in the seed round for investment. Organizations like Milkbasket, IKure, Blusmart, Otipy, Crowfarm have been backed by Inflection Point Ventures which is a sector-agnostic, digital-first angel-investing platform.
Siply is a tech enabled micro savings platform of choice for the next 400 million underserved Indians. Lending platform and chit funds are included in their product pipeline which together would impact and create an enormous commercial inclusion opportunity.
Microlending through mobile platforms has picked up stride in the country, which consists of a huge population and the merit extension which is also very low. Lazypay, Instamojo, Zest Money, Earlytap, Moneytap and Capital Float are some of the recent startups which have entered the fintech organization. Friction less savings has been afforded by the micro saving app with the help of a vernacular approach, instant withdrawal and wide range of investments with digital onboarding.
“With PoS based savings, Siply said it will fundamentally change the way small business owners save money, enabling micro savings started at Re 1”.
The startup is also functioning on sanctioning micro saving for customers of other platforms through a platform as- a- service (PaaS) model. Bighaat, Gig4CE, Xoxoday and Pickmywork have signed MOUs with Siply and are in talks with other broad institutional allies as well.
“Since IVP and its members mainly comprise of CXO’s and business owners, we hope to leverage this network drive the adoption of Siply’s micro savings proposition in the companies, where IPV members are decision makers This should expedite our users acquisition plans,” said by Sousthav Chakrabarty.
“Being a sector agnostic platform, we have the potential to find high potential startups and fund their ideas. Siply’s approach of enabling the under banked population to start saving is a disruptive idea as many fintech companies are still not looking at the bottom of the pyramid, quite an activity” said by Ankur Mittal.
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