Payments major Paytm has acquihired savings management application Balance Tech for an undisclosed amount. With the acquisition of the Bengaluru-based startup, Paytm aims to enhance its users and merchant interface.
Following the deal, Paytm will absorb six-member team of Balance Tech including its founders Ankit Kumar and Abhishek Malik into the company’s product and design team, said the company on its blog.
This is the second acquihire by Paytm this year. Earlier, it had absorbed Tiger Global-backed technology startup Cube26 team. Besides, it acquired online ticket-booking platform TicketNew.
Founded in 2015, Balance Tech helps users invest in debt mutual funds, allowing them to earn interest up to 8.7 per cent per annum, without a lock-in period.
Balance Tech app is designed to understand spending patterns of individuals and use its proprietary spend analysis engine to suggest saving methods through its personal saving assistant Spendbot.
Spendbot suggests weekly saves that change according to your expenses. Using its proprietary Abacus engine, Spendbot calculates intelligent save suggestions based on customers lifestyle.
The startup had earlier raised Rs 1.5 crore from Rainmatter Technology, a fintech fund, and incubator managed by stockbroking firm Zerodha last year.
Other players in this space include Fyle, Happay, Xpenditure, Numberz, and Certify, among others.
While, expense management startup Fyle had secured an undisclosed amount of funding led by existing investors Pravega Ventures and Beenext, Happay, Numberz and others had received fundings from prominent investors in the last one year.