[Funding alert] Fintech startup Siply raises $1M in seed round led by Inflection Point Ventures
Siply, the Bengaluru-based tech-enabled micro-savings application, on Tuesday said it has raised $1 million in a seed round led by Inflection Point Ventures — one of India's active angel network.
The funds raised will be utilised for team expansion, scaling up technology platform, and conducting initial pilots with the partners, the startup said.
“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,” said Founder and CEO Sousthav Chakrabarty.
Founded in July 2020 by Sousthav Chakrabarty, Anil Bhat, and Nitin Mittal, Siply is a fintech startup that claims to be catering to 40 crore underserved masses, making them 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, Siply said it will fundamentally change the way small business owners save money, enabling micro-savings starting at Re 1.
The startup is also working on enabling micro-savings for users of other platforms through a platform-as-a-service (PaaS) model. It has signed MOUs with Bighaat, Gig4CE, Pickmywork, and Xoxoday, and is in talks with other large institutional partners as well.
Siply is the winner of the YCC 2020 Future Stars Startup Competition.
Ankur Mittal, Co-founder of IPV, said,
"Being a sector-agnostic platform, we have the ability 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 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,” Ankur added.
IPV was started in 2018 and plans to invest Rs 155 crore in 2021 across 60 startups.
Edited by Suman Singh