wordpress blog stats
Connect with us

Hi, what are you looking for?

, , ,

Paytm acquires savings management startup Balance.Tech

Paytm has acquired Bengaluru based smart-savings management startup ‘Balance.Tech’ for an undisclosed sum, the company announced in a statement.  As part of the acquisition, Balance.Tech’s six-member team will join Paytm’s product and design departments, the statement added.

With the acquisition, the company said that it hopes to enhance Paytm’s user and merchant interfaces. Madhur Deora, CFO, Paytm, said that the new team will help the company “create customised and intuitive user experiences”. On the other hand, Ankit Kumar, CEO and Co-Founder Balance.Tech, said the startup had been building automated products to help users save and invest their money easily. “We look forward to bring in computational intelligence, unique design and proprietary algorithms with Balance to help Paytm users accomplish more with their money,” he said.

Balance Tech was founded in 2016 by Ankit Kumar and Abhishek Malik. It invests users’ money in mutual funds that have no lock-in period and offer returns of up to 8.7% a year. In May 2017, the fintech statup had raised Rs 1.5 crore (around $233,000) from Rainmatter, a report by VCCircle said.

Paytm’s recent moves

Recently, the company announced the launch a new digital payments service in Japan in collaboration with SoftBank. This will be Paytm’s second international market after Canada, where the company has a bill payments application.  Last week, Paytm Mall also announced the appointment of four new executives its senior management team, including one to launch and expand an international business.

Prior to that, Paytm launched a Forex service, for currency exchange of 20 top international currencies on its platform. The development came shortly after the company announced that it has achieved an annual run rate of 5 billion transactions and $50 billion in Gross Transaction Value (GTV). Last month, Paytm Mall, the e-commerce arm of Paytm raised $200 million from SoftBank in a new round of funding.

Advertisement. Scroll to continue reading.

In June, Paytm’s parent firm One97 Communications Ltd acquired Delhi-based technology startup Cube26 for an undisclosed amount.

The news also comes days after the Reserve Bank of India (RBI) reportedly bared Paytm Payments Bank to not add more users on its platform. Furthermore, the central bank even asked Paytm to sack Paytm Payments Bank CEO Renu Satti due to her “inability to lead the banking services” at the company, the report says.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India and US come to terms on how to deal with the equalisation levy in light of the impending Global Tax Deal.

News

Find out how people’s health data is understood to have value and who can benefit from that value.

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ