Digital payments major Paytm announced the acquisition of Bengaluru-based smart-savings management start-up Balance Tech for an undisclosed amount.
Designed to build saving habits for users, the Balance app offers saving options in mutual funds that could get users interest rates of up to 8.65 per cent per annum.
“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,” Balance Tech CEO and co-founder Ankit Kumar said in a statement.
“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 bringing in computational intelligence, unique design and proprietary algorithms with Balance to help Paytm users accomplish more with their money,” Kumar added.
The six-member Balance Tech team has joined Paytm product and design team and is working on further enhancing Paytm’s user/merchant interfaces, the SoftBank and Alibaba-backed Paytm said.
“They have created a fantastic product with real user engagement. As we aim to create customised and intuitive user experiences, the Balance Tech team will become an invaluable part of our journey,” said Madhur Deora, chief financial officer and senior vice president at Paytm.