Digital payments company Paytm, aiming to cover all possible bases of becoming a one-stop destination for digital financial needs, has acquired Bengaluru-based smart savings management startup Balance Technology for an undisclosed sum.
As a part of the deal, Balance Technology’s six-member team has joined the Paytm product and design team and is working on enhancing the company’s user/merchant interfaces. Paytm is now expected to leverage Balance Tech’s data-driven insights and track record in building intelligent and elegantly designed products.
Madhur Deora, chief financial officer and senior vice-president, Paytm, said, “We are excited to welcome Ankit, Abhishek, and the Balance Technology 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 Technology team will be an invaluable part of this journey.”
Ankit Kumar, CEO and co-founder, Balance Technology, 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 gives 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.”
Balance Technology was founded in 2016 by Ankit Kumar and Abhishek Malik. It is a personal savings app that enables users to save petty change and invest in fixed deposits and mutual funds. The startup facilitates financial education and enables product adoption through adaptable goals.