Bengaluru Based Management Startup Acquired by Paytm


One97 Communications, “Paytm’s” Parent company acquired “Balance.Tech” a management based startup of Bengaluru.

Founded in 2015, a six-member team Balance.Tech  is a smart savings app that helps to save around 8.65 percent per annum by enabling the users to invest in Debt mutual funds without lock-in period.

Balance.Tech’s app tracks a user’s spending patterns and uses its spend analysis which tells the user about optimum saving methods with help of the Spendbot. Spendbot suggests the weekly results of the savings plans for the user according to his/her lifestyle pattern or spending pattern.

After acquiring of Balance.Tech Paytm’s Chief Financial and SVP Madhur Deora said; “We are excited to welcome Ankit, Abhishek and the Balance.Tech team to Paytm.”.

 

The Co-founder and CEO of Balance.Tech also expressed by saying “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.”

Also, he stated that “We look forward to bring in computational intelligence, unique design and proprietary algorithms with Balance to help Paytm users accomplish more with their money”.

 

Moreover, till now Paytm still did not reveal or enclose the real amount spend on acquisition Balance.Tech.

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