[Funding] Micro-Savings Fintech Platform Siply Raises USD 1 Million Seed Fund

Siply is an AI-driven “sachet financial services” platform for underserved Indians. It currently offers micro-savings, micro-credit, micro-investment and other value-added services. The startup announced that it has raised USD 1 million in seed funding. JITO Angel Network and Inflection Point Ventures (IPV) led the funding round. The round also saw the participation of 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. It also aims to expand the team and onboard distribution partners.

About Siply

Sousthav Chakrabarty and Anil Bhat built the startup in July 2020. They are professionals of the Banking, Finance and Technology sectors. They also have a prior experience of entrepreneurship. The founders created the startup with a vision to create a more financially inclusive India. Thus, Siply helps underserved masses inculcate a savings behaviour to build a more productive and financially secure country.

From the leaders

“We aim to serve the 40 crore Indians who are not yet a part of the formal banking system. The level of flexibility and convenience that we offer, worked with advanced technology. Our sector expertise also helps us create a unique bouquet of financial services for the masses of India. This funding will help us move another step forward in that direction,” said Sousthav Chakrabarty, Co-Founder and CEO, Siply, speaking about the development.

Commenting on the funding, Ashok Shah, Vtrans, JITO Angel Network, Lead Investor, stated that the startup is a must-have for all blue-collar workers. “In today's scenario very often expenses outweigh savings. The platform helps people easily make investments in Gold (digital). Siply also has many other products to offer, in a way that fits their budget and gives them the 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.”