Bengaluru-based micro-savings fintech platform, Siply, has recently raised $1 million seed funding from a clutch of investors including Jain International Trade Organisation (JITO) Angel Network and Inflection Point Ventures (IPV), with participation from a group of CXOs from India and some UAE-based angel investors.
The company said that the fresh capital will help it accelerate its technology platform integration with ecosystem players, expand the team, and onboard distribution partners.
Founded mid-last year by Sousthav Chakrabarty and Anil Bhat, seasoned professionals of the banking, finance and technology sectors, with prior experience of entrepreneurship, Siply provides “sachet financial services” to contract workers, blue-collar workers, gig economy workers, and small business owners.
The company helps underserved masses inculcate a savings behaviour through its technology-enabled microsavings platform where the investment can be as low as Re 1. The platform, which is available in multiple local languages, offers unprecedented flexibility and ease of use to its users, who mostly have limited financial means.
Speaking about the development, Sousthav Chakrabarty, Co-founder & CEO of Siply, in a statement said,
“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. We are building a platform that is tailor-made to serve the specific needs of this segment, which has so far been largely overlooked by current financial institutions like banks and mutual fund houses.”
Adding to that, Chakrabarty further noted,
“The level of flexibility and convenience that we offer, coupled with our advanced technology and the sector expertise, will help us create a unique bouquet of financial services for the masses of India. This funding helps us move another step forward in that direction,”
Commenting on the investment, Ashok Shah, Vtrans, JITO Angel Network and Lead Investor, said,
“Siply is a must-have for all blue-collar workers. In today’s scenario, where expenses often outweigh savings, Siply is a platform which helps people easily make investments in Gold (digital) and many other products that Siply has to offer, in a way that fits their budget and gives them the flexibility of usage. We at JITO Angel Network are proud to be part of Siply and are very confident that Sousthav will lead the company to great heights.”
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