Fintech startup Multipl raises $1.5 Mn

Fintech platform Multipl has secured $1.5 million (Rs 12 crore) in an extended seed round co-led by Blume Ventures and MIXI Global Investments, Inc.

The startup had previously raised $3 million from Blume Ventures, GrowX Ventures, IIFL, and Kotak Securities Limited back in May 2022.

The proceeds will boost enhancements and introduction of disruptive features thereby helping more Indians start their spend vesting journeys, Multipl said in a press release.

Co-founded in 2020 by Paddy Raghavan, Jags Raghavan, and Vikas Jain, Multipl is a new age fintech platform which offers investments in mutual funds. The platform  integrates with mutual funds and partnerships with  brands which enables consumers to invest in mutual funds for their lifestyle spends. 

Multipl claims to have  500,000 downloads, forming more than 100 valuable brand partnerships, and facilitating goals valued at over Rs 1,000 crore.

According to the Bengaluru-based company, it has recently introduced 'Open Goals’ which enables users to invest in future expenses through partnerships with leading brands. The platform’s window shopper widget further enhances consumer savings by embedding options for financial planning at the point of purchase across merchant websites and apps. 

The major players in this space are Groww, AngelOne, PhonePe and others.