Fintech platform Siply raised $1 mn in seed round
Micro-savings fintech platform, Siply has raised $1 mn in a seed round from investors like Jain International Trade Organisation (JITO) Angel Network and Inflection Point Ventures (IPV), along with a group of CXOs from India and UAE-based angel investors. This fresh infusion of funds, Siply will accelerate its technology platform integration with ecosystem players, expand the team, and onboard distribution partners.
The startup provides "sachet financial services" to contract workers, blue-collar workers, gig economy workers, and small business owners. It helps underserved masses inculcate a savings behaviour through its technology-enabled microsavings platform where the investment can be as low as Re 1.
“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," said Sousthav Chakrabarty, Co-founder and CEO, Siply.