Fintech startup Multipl has secured $1.5 million in a funding round led by Blume Ventures and MIXI Global Investments. These funds are set to be used to update the platform with the addition of new features to promote spendvesting in India which refers to investments in mutual funds and digital gold.
Founder Paddy Raghavan commented, “The support from Blume and MIXI Japan will help us enhance the product experience and bring more awareness to the Spendvesting category that we are creating.” He further added that it would help evolve the product with robust features relevant to a larger group of users.
Ashish Fafadia, partner at Blume Ventures shared insights on the funding, “Spend-based investing represents a significant evolution in how individuals can manage and grow their savings. Our continued investment reflects our confidence in Multipl’s potential to create lasting value for its users,” while Tomoharu Urabe, Principal Partner at MIXI Global Investments also commented, “We are excited to be a part of this journey of building a personal finance solution for the cycle of saving, investing and spending.”
Founded by Paddy, Jags Raghavan, and Vikas Jain in 2020, the platform offers enables users to invest in mutual funds through partnerships with almost 70 leading brands across 15 categories and rewards them for it. The platform also offers personalized investment advice suggesting long-term wealth generation strategies, and spending goals, and discouraging making purchases on credit which can potentially harm their finances. Majority of the fintech’s user-count is based in Tier-1 cities in India. To date, it has received more than 5 lakh downloads, with 100 brand partnerships and goals worth Rs 1000 crore.
The funding is yet another of the recent fundings India’s fintech startup ecosystem has received. In July, Hyderabad-based fintech startup Validus Fintech Services Pvt Ltd raised an undisclosed amount in its seed funding round led by AUM Ventures. Healthcare-centric fintech startup Care.fi also raised debt funding worth $2.6 million led by Trifecta Capital and UC Inclusive Credit. Multipl competes with the likes of Hubble, tortoise, and Zave. The Indian fintech market is estimated to cross $2 billion mark by 2030 with major contribution by lending-tech space.
