Micro-Savings Platform Siply Raises $1 Million Funding To Speed Up Technology Integration

• Investors including Jain International Trade Organization and Inflection Point Ventures participated in the funding round.
• The startup will use the funding to speed up its technology platform integration and onboarding distribution partners.
• Last month, Siply had raised $1 million in seed funding from Inflection Point Ventures.

Bengaluru-based micro-savings platform Siply Services has raised $1 million (or about Rs 7.2 crore) in a seed funding round from Jain International Trade Organization (JITO) and early-stage angel investment firm Inflection Point Ventures. The round also saw the participation of the group of CXOs from India and UAE-based angel investors.

The startup will se the funding to speed up its technology platform integration with other ecosystem players, onboarding distribution partners, and expanding the team to bring more growth, the statement said.

On January 11, 2021, Siply Services had raised $1 million in seed funding from Inflection Point Ventures to scaleup its team and technology platforms. To date, The startup has raised over $2 million in seed funding.

Founded in July 2020 by Sousthav Chakrabarty, Anil Bhat, and Nitin Mittal, Siply (Siply Services Private Limited) is a tech-enabled platform that enables micro-savings for gig workers, contract workers, blue-collar workers, and businesses.

The startup is targeting 400 million under-served masses with its micro-savings app, which provides local language support for end-users. It also offers services such as digital onboarding, instant withdrawals, and a wide range of investments.

Siply has partnered with financial institutions such as Tata Mutual Fund, SBI Mutual Fund, Kotak Mahindra Bank, among others. The platform counts Bighaat, Gig4CE, Pickmywork, and Xoxooday as their enterprise clients.

Commenting on the latest funding, Sousthav Chakrabarty, Co-founder & CEO, Siply, said, "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."

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Ashok Shah from JITO Angel Network, said, "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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