Multipl unveils spending account that keeps funds invested until payment

By Divya Shah

Consumer FinTech platform Multipl has launched a UPI-based spending account that enables users to keep funds earmarked for everyday expenses invested in liquid mutual funds until they are required for payments. 

The product is designed to combine investing, liquidity, and payments within a single user experience. Rather than positioning it as a conventional savings or payments feature, Multipl describes the offering as a new category of spending account. 

The launch follows a pilot involving more than 20,000 users, who collectively invested over $2.11 million (INR 20 crore) through the platform. During the pilot, users completed approximately $482,000 (INR 4 crore) worth of UPI transactions.  

Based on the pilot’s performance, Multipl plans to expand the offering tenfold over the next six to 12 months, targeting around 2 lakh users and $24.1 million (INR 200 crore) in investments. 

The product is aimed at consumers managing short-term expenses such as travel, shopping, and household bills. Users can invest money allocated for these expenses into eligible liquid mutual funds while retaining the ability to access the funds when needed. 

The payment can then be completed through Multipl’s integrated UPI interface, allowing investment redemption and payment execution to occur within a single application. 

Paddy Raghavan, co-founder and CEO of Multipl, said, “Your money has a job to do, even when it is waiting to be spent. We want to create a new spending-account category where that money remains accessible while also getting an opportunity to earn market-linked returns. The response to the pilot gives us confidence that consumers are ready for this shift.” 

To support the offering, Multipl has partnered with UTI Mutual Fund, Axis Mutual Fund, ICICI Prudential Mutual Fund and HDFC Mutual Fund, providing users with access to eligible liquid mutual fund schemes.  

Multipl delivers the consumer-facing spending account, technology layer and UPI experience as a Third-Party Application Provider (TPAP), while NPCI provides the underlying UPI infrastructure. 

The company said it will extend the spending account functionality to bill payments from September 10 through integration with the Bharat Bill Payment System (BBPS). Users will also be able to redeem investments to purchase gift cards from participating brands and access associated discounts.