Paytm, an Indian e-commerce payment system and digital wallet company, has purchased home-grown smart-savings management startup Balance.Tech.
The starup was established in 2016. It operates a personal savings app which allows users to save minor change and invest in fixed deposits (FDs) and mutual funds.
Additionally, the Bengaluru-based startup provides financial education and empowers product adoption through adaptable goals.
Paytm plans to use Balance Tech’s insights to build intelligent products for its more than 200 million customers.
Commenting on the deal, Paytm CFO and senior vice president Madhur Deora said: “We are excited to welcome Ankit, Abhishek and the Balance.Tech 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.Tech team will be an invaluable part of this journey.”
Balance.Tech CEO and co-founder said Ankit Kumar said: “Our team has been building automated products that make the saving experience relatable and delightful by helping users reach their goals in clever little ways.
“Our conversational personal savings assistant nudges users to build a saving habit, and give purpose to their money as they go about their busy lives.
“We look forward to bring in computational intelligence, unique design and proprietary algorithms with Balance to help Paytm users accomplish more with their money.”
Pursuant to the terms of the deal, the six-member Balance team has joined Paytm’s product and design teams.