Paytm buys savings management app Balance Tech for undisclosed sum
Balance Tech’s six-member team, including its founders, will join Paytm’s product and design department
New Delhi: Paytm, the digital payments provider run by One97 Communications Pvt. Ltd, has acquired savings management application Balance Tech for an undisclosed sum, the company said on Thursday.
As part of the acquisition, Balance Tech’s six-member team, including founders Ankit Kumar and Abhishek Malik, will join Paytm’s product and design department, the company said in a statement. It will help enhance Paytm’s user and merchant interface, it added.
Bengaluru-based Balance Technology Pvt. Ltd, helps users invest in debt mutual funds, allowing them to earn interest up to 8.7% per annum, without a lock-in period. sss
SoftBank and Alibaba-backed Paytm last month bought New Delhi-based technology start-up Cube26 for an undisclosed amount along with ticketing platform Ticket New for $40 million in May this year.
Founded in 2015, Balance had raised ₹1.5 crore from Bengaluru-based Rainmatter Technology, a fintech fund and incubator managed by stock broking firm Zerodha last year.
“We look forward to bringing in computational intelligence, unique design and proprietary algorithms with Balance to help Paytm users accomplish more with their money,” said Kumar, co-founder and chief executive officer at Balance Tech.
Mint reported that Paytm had crossed $4 billion in monthly gross transaction value and will also help SoftBank build a mobile system payment in Japan.
- PNB fraud: ED attaches over ₹218 crore assets of Mehul Choksi, others
- Commerce ministry working on new WTO-compliant export incentive scheme
- RBI refuses more time to Yes Bank CEO Rana Kapoor
- VMware plans to invest $2 billion in India over next 5 years
- Women journalists attacked in Sabarimala despite police presence