The popular digital payments application, Paytm, acquired Balance Technology, a smart savings management startup based in Bengaluru. While the transaction amount was not disclosed, Times of India reported the same to be around 2 million US dollars.
The acquisition will help One97 Communications, the company that owns Paytm, to further enhance their user interface as well as merchant interface. Paytm can draw inspiration from Balance Technology’s product and build an intelligent platform for the customers.
Balance Technology has created an incredible product that works on real user engagement. The objective of the platform was to help individuals have a fantastic savings experience through their automated products. The product would help users reach their financial goals with the help of a personal savings assistant. According to the official website of Balance.Tech, the users can receive returns up to 8.65%. The application has no lock-in periods and permits withdrawals at any time.
The six-member team of Balance.Tech has joined the product and design department of Paytm so that they can help the application with the design, computational intelligence, and proprietary algorithms.
Paytm had recently announced acquisitions of two other companies. The company has acquired Cube26, a technology startup and TicketNew, an online platform to book tickets.
Paytm is a leading payment gateway that allows payments through digital credit, net banking, debit cards, and credit cards. The investors of the application are Alibaba Group, SAIF Partners, Softbank, and Ant Financial.
Source: Times of India