[Funding] Siply raises $1 million in Seed Round led by Inflection Point Ventures

Siply is a tech-enabled micro-savings application. Sousthav Chakrabarty, Anil Bhat, and Nitin Mittal founded the company in July 2020. In a recent announcement, it has raised $1 million in a Seed round led by Inflection Point Ventures. The company will use the funds to expand the team. They are also looking to up-scale the technology platform and conduct initial pilots with their partners.

About Siply

Siply, a fintech startup, caters to 40 crore underserved masses and helps them become financially independent. This micro-savings app provides frictionless savings, with the help of a vernacular approach, digital onboarding, instant withdrawal, and a wide range of investments. With POS-based savings, Siply aims to fundamentally change the way small business owners save money. It enables micro-savings starting at Re 1.

From the leaders

Ankur Mittal, Co-Founder, IPV says, "It is a sector-agnostic platform. And, we have the ability to find high potential startups and fund their idea. Siply’s approach of enabling the under-banked population to start saving is a disruptive idea as many fin-tech companies are still not looking at the bottom of the pyramid quite actively. Their platform also has vernacular support. Thus, it makes it easier for the non-English speaking population to come under the technology umbrella. Thus, they can start their savings and keep a track of the same. The market they are addressing is largely untapped providing them with an opportunity to grow faster and capitalise on their early mover advantage. To help them achieve this ambition, we decided to fund the Company.”

Siply is working on enabling micro-savings for users of other platforms through a platform-as-a-service model. It has also signed MOUs with Bighaat, Gig4CE, Pickmywork, and Xoxoday, and is in talks with other large institutional partners as well.

Sousthav Chakrabarty, Founder & CEO, Siply says, “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.”