Chennai, NFAPost: Micro-savings application Siply has raised $1 million in a Seed round led by Inflection Point Ventures, India’s largest and the most active angel network.
Siply was founded in July 2020 by Sousthav Chakrabarty, Anil Bhat, and Nitin Mittal. It is a tech-enabled micro-savings app.
The funds raised will be utilized for team expansion, scaling up technology platform and conducting initial pilots with the Partners.
IPV Co-Founder Ankur Mittal said, “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 capitalise on their early mover advantage. To help them achieve this ambition, we decided to fund the company,” he added.
Siply is working on enabling micro-savings for users of other platforms through a platform-as-a-service model. Siply has signed MOUs with Bighaat, Gig4CE, Pickmywork, and Xoxoday, and is in talks with other large institutional partners as well.
Siply Founder and CEO Sousthav Chakrabarty 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.”
Siply is a fintech startup that is 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 will fundamentally change the way small
business owners save money, enabling micro-savings starting at Re 1.
Siply is the winner of the YCC 2020 Future Stars Startup Competition.