Siply Raises $1 Mn In Seed Round Led By Inflection Point Ventures

The funds raised will be used for team expansion, scaling up the technology, and initial pilots with partners

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Tech-enabled micro-savings application Siply has announced on Tuesday to have raised $1 million in a seed round led by angel network Inflection Point Ventures (IPV).

Siply

The funds raised will be utilized for team expansion, scaling up the technology platform, and conducting initial pilots with the partners.

"Being a sector-agnostic platform, we have the ability to find high potential startups and fund their idea. Siply’s approach of enabling the under-banked population to start saving is a disruptive idea as many fin-tech companies are still not looking at the bottom of the pyramid quite actively. Their platform also has vernacular support, thus making it easier for the non-English speaking population to come under the technology umbrella and start their savings and keep a track of the same. The market they are addressing is largely untapped providing them an opportunity to grow faster and capitalize on their early mover advantage. To help them achieve this ambition, we decided to fund the company,” said Ankur Mittal, co-founder, IPV.

The platform claims to be working on enabling micro-savings for users of other platforms through a platform-as-a-service (PaaS) model and has signed MOUs with Bighaat, Gig4CE, Pickmywork, and Xoxoday, and is in talks with other institutional partners as well.

“Since IPV and its members mainly comprise of CXOs and Business Owners, we hope to leverage this network to drive the adoption of Siply's Micro Savings proposition in the companies where IPV members are decision-makers. This should expedite our user acquisition plans,” added Sousthav Chakrabarty, founder, and chief executive officer, Siply.

The fintech startup that is catering to 40 crore underprivileged masses and mains that they are helping them make financially independent.

This micro-savings app provides frictionless savings, with the help of a vernacular approach, digital onboarding, instant withdrawal, and a wide range of investments. With POS-based savings, the platform will change the way small business owners save money, enabling micro-savings starting at INR 1.