FinTech platform Siply raises USD 1 million in seed funding

By Edil Corneille

Bengaluru-based Siply, an AI-driven ‘sachet financial services’ platform which currently offers micro-savings, micro-credit, micro-investment and other value added services, announced the raise of USD 1 million in seed funding from investors such as 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. With this infusion of funds, Siply will accelerate its technology platform integration with ecosystem players, expand the team and onboard distribution partners.

Siply was founded in July 2020 by Sousthav Chakrabarty and Anil Bhat, both saaid to be seasoned professionals of the banking, finance and technology sectors, with prior experience of entrepreneurship. It was started with the vision of creating a more financially inclusive India where Siply helps underserved masses inculcate a savings behaviour to build a more productive and financially secure country. It is doing this through a technology-enabled micro-savings platform where the investment can be as low as INR 1.

The platform offers flexibility to its users, who are mostly of limited financial means, and is available in multiple local languages.

“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. The level of flexibility and convenience we are offering, coupled with advanced technology and the sector expertise that we possess, will help us create a unique bouquet of financial services for the masses of India. This funding helps us move another step forward in that direction,” said Sousthav Chakrabarty, Co-Founder and CEO, Siply.

Siply had 10,000 users by the end of the year 2020 in the pilot phase itself. Business worth INR 20 million has been carried out on the prototype product, and the number of transactions has crossed 10,000. Digital Gold and Emergency Funds are currently available as savings and investment instruments on the Siply platform. Other financial instruments are in the pipeline and will be launched soon.

Ashok Shah, Vtrans, JITO Angel Network, Lead Investor, said, “Siply is a must have for all blue collar workers. In today’s scenario where very often expenses outweigh savings, 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 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.”