Paytm has acquired fellow Indian FinTech company Balance.Tech, a developer of personal finance solutions.
As part of the deal, Balance.Tech’s team, which is made up of six people, will join Paytm’s product and designs teams. In these positions they will help to enhance the user and merchant interfaces of Paytm’s products.
Balance.Tech is a mobile-based personal finance solution which lets consumers make automated savings to reach designated financial goals. The platform offers a personalised chatbot which makes recommendations for the best way to save and progress to goals, as well as support with investing into mutual funds.
Paytm is a mobile-based financial services platform that offers payments, banking, lending and insurance products. The platform implements a range of solutions including QR-based payments and an online banking app that serves over 500 million unserved and underserved consumers in India.
Balance.Tech CEO & co-founder Ankit Kumar said, “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.”
Last month, Paytm partnered with PayPay, the joint venture of SoftBank and Yahoo, to provide it with barcode and QR code scanning payments. The new PayPay app aims to promote cashless payments within Japan.
Madhur Deora, chief financial officer & SVP, Paytm said, “As we constantly look to create customised and intuitive user experiences, the Balance.Tech team will be an invaluable part of this journey.”
Earlier in the year, SoftBank and Alibaba reportedly invested $445m in to Paytm Mall, the e-commerce division of Paytm, while its banking division raised $18.8m from its parent company One97 Communications, last year.
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