Siply

Overview

Siply is a Bengaluru-based fintech company that provides micro-investment solutions to underserved Indians. Founded in July 2020 by Sousthav Chakrabarty and Anil Bhat, Siply aims to make financial services accessible to over 400 million middle-income earners and underserved individuals, including contract workers, blue-collar workers, gig economy workers, and small business owners. The platform offers micro-savings, micro-credit, and micro-investment products, allowing users to invest in mutual funds, digital gold, and other financial assets with as little as Re.1. Siply also provides financial education to promote financial independence among its users. In March 2023, Siply partnered with PB Fintech Group's MoneyWide to offer instant personal loans through its phygital branches. This collaboration aims to disburse over 10,000 loans worth ₹100 crore by the end of the fiscal year 2024. Additionally, Siply acquired myPaisaa, a digital savings app, for $7.5 million in February 2023, enhancing its offerings in the digital chit and rotating savings and credit association (ROSCA) space. Siply has experienced significant growth since its inception, turning profitable in November 2022 with a profit of ₹2.12 crore. The company has expanded its physical presence with 14 branches across three states and eight cities and plans to launch 1,000 branches across 115 cities in India over the next three years. As of June 2022, Siply had raised over ₹193 crore through three funding rounds, with its latest being a pre-Series A round held in June 2022. Investors include Qi Ventures, LetsVenture, JITO, and Vivek Sunder, among others. Siply's mission is to provide sachet financial services to the masses, bridging the gap in India's financial landscape and promoting inclusive growth. By leveraging technology and strategic partnerships, Siply continues to expand its reach and impact, offering accessible financial solutions to a diverse user base.