Digital payments giant Paytm is covering all possible bases to become a one-stop destination for all the digital financial needs of its customers. With this purpose in mind, Paytm has now acquired Bengaluru-based smart savings management startup Balance Technology for an undisclosed sum.
Founded in 2016 by Ankit Kumar and Abhishek Malik, Balance Technology is a personal savings app that enables users to save petty change and invest in fixed deposits and mutual funds.
The startup facilitates financial education and enables product adoption through adaptable goals. Balance Technology was among the seven startups that graduated from the Autumn cohort of Global fintech accelerator YES FINTECH.
Balance Technology’s six-member team has joined the Paytm product and design team and is working on enhancing the company’s user/merchant interfaces. With the acquisition, Paytm expects to leverage Balance Tech’s data-driven insights and track record in building intelligent and elegantly designed products.
Madhur Deora, chief financial officer and senior vice-president, Paytm, said, “We are excited to welcome Ankit, Abhishek, and the Balance Technology team to Paytm. They have created a fantastic product with real user engagement. As we constantly look to create customised and intuitive user experiences, the Balance Technology team will be an invaluable part of this journey.”
Inc42 had recently reported that Paytm Money, the company’s mutual fund distribution platform, has already registered more than 5 Lakh (half a million) users.