Micro savings platform Siply acquires Finsave's myPaisaa for $7.5M

Siply, a Bengaluru-based tech-enabled micro-savings platform, has acquired myPaisaa, a fintech startup owned by Finsave Technologies, for $7.5 million.

Hyderabad-based myPaisaa is a digital online chit and rotating savings and credit association (ROSCA) platform.

With this acquisition, Siply and myPaisaa hope to leverage their combined strengths to provide their customers with fully digital, sachet financial services as well as create more avenues for Indians to make saving a habit and learn to grow their investments.

"We chose Finsave because of the innovative fintech solutions they bring to the table and our shared mission of addressing the financial needs of millions of underserved people across Bharat,” said Sousthav Chakrabarty, Co-founder and CEO of Siply, which has seven million users.

“We plan to leverage myPaisaa's advanced new-age chit platform to enhance our existing offerings and expand our customer base,” Sousthav added.

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myPaisaa is a regulated digital chit-fund distribution platform that distributes a chit licensed by the Government of India and the Registrar of Chit Funds. The myPaisaa app offers 24-hour payouts of prizes and dividends targeting over 35 crore chit users in India and has over 50,000 registered users and a committed savings of Rs 100 crore, said a statement.

"We are eager to leverage Siply's resources, expertise, and distribution to expand our reach further and bring our fully digital and 100% compliant ROSCA and chit-based products to even more individuals in need,” said Veera Praveen, Co-founder and COO, Finsave.

Founded in July 2020 by tech industry veterans Sousthav Chakrabarty and Anil Bhat, Siply is a technology-enabled micro-savings platform that provides financial services to underserved masses. It turned profitable in November 2022, within 2.5 years since its inception, recording a profit of Rs 2.12 crore.

Having taken the phygital route, Siply inaugurated its first three Siply Seva Kendras in September 2022 in Bengaluru and one each in Mysuru and Belgaum, Karnataka. It currently has 14 branches in three states and eight cities. 

The company plans to set up Siply Seva Kendras in Maharashtra, Tamil Nadu, and Kerala in the next few months and aims to launch 1,000 branches across 115 cities in India over the next three years.

In June last year, Siply had raised $19 million as part of a fresh funding round led by Qi Ventures.