Siply Services raises $19 million

Bengaluru-based micro-savings platform Siply Services has raised $19 million through a mix of debt and equity financing in its pre-Series A funding round led by QI Ventures. To date, the company raised ~$23.2 million.

Founded in 2020, the startup offers micro-saving investment opportunities, credit solutions and insurance policies to consumers. It allows users to invest in gold and equity stocks and offers advanced salary loans. The company also provides accidental and group insurance to users.

“Siply wants to be the preferred financial services brand to the 40 crore Indians who are not yet a part of the formal banking system. We are building a platform that is tailor-made to serve the specific needs of this segment, which has so far been largely overlooked by current financial institutions like banks and mutual fund houses.” – Sousthav Chakrabarty, Co-founder and CEO, Siply.