Bengaluru-based tech-enabled micro-savings application Siply has raised $1 million in a seed round led by Inflection Point Ventures.

As per the startup, it will utilise the funds for team expansion, scaling up technology platform, and conducting initial pilots with the partners.

Started by Sousthav Chakrabarty, Anil Bhat, and Nitin Mittal in July 2020, Siply is a fintech startup that is making savings micro, flexible, and vernacular.

Siply is a tech-enabled micro-savings platform, for the underserved masses, that makes it possible to start saving at Re. 1.

Speaking about the investment, Sousthav Chakrabarty, Founder and CEO of Siply, 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.”

Winner of the YCC 2020 Future Stars Startup Competition, Siply is also working on enabling micro-savings for users of other platforms through a platform-as-a-service (PaaS) model.

The fintech startup has also signed MOUs with Bighaat, Pickmywork, Gig4CE, and Xoxoday, and is in talks with other large institutional partners as well.

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