Siply, micro-savings fintech startup in India, has snapped up digital chit-fund firm myPaisaa in a deal valued at $7.5m.

Founded in 2020, myPaisaa is an app-based regulated digital chit-fund distribution platform.

Owned by Finsave Technologies, myPaisaa enables users to save and borrow from their own funds through its multiple investment plans.

Commenting on the deal, Siply co-founder and CEO Sousthav Chakrabarty said: “We chose Finsave because of the innovative fintech solutions they bring to the table and our shared mission of addressing the financial needs of millions of underserved people across Bharat.”

Currently, myPaisaa is said to have more than 50,000 registered users. Its app is available on Android as well as iOS platforms.

myPaisaa co-founder Veera Praveen Reddy said: “This acquisition is a testament to our team’s hard work and dedication at Finsave’s myPaisaa. We are eager to leverage Siply’s resources, expertise, and distribution to expand our reach further and bring our fully digital and 100% compliant ROSCA and chit-based products to even more individuals in need.”

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Siply, which has seven million users, offers financial services to contract workers, blue-collar workers, gig economy workers, and small business owners.

The startup raised $19m in June last year in a funding round led by Qi Ventures. The round was also joined by LetsVenture and Jito Angel Network.