Siply has secured $19 million in a round of funding led by QI Ventures. The fintech startup will use the the funds to make its business cash positive and acquire firms in the fintech sector.
Siply, a fintech firm, has secured $19 million in pre-Series A fundraising led by QI Ventures through a mix of loan and equity financing.
Existing investors LetsVenture and JITO joined the round, as did Cuemath angel investor Vivek Sunder.
Siply will use the funding to turn its business profitable and to acquire fintech startups. It will also utilize the funds to establish a chit fund.
Sousthav Chakrabarty and Anil Bhat founded the Bengaluru-based firm in 2020 to provide clients with micro-saving investment options, loan solutions, and insurance plans. It allows users to invest in gold and equities stocks under the micro-savings category.
It provides consumers with advanced salary loans in the credit area and accidental and group insurance in the insurance category.
Siply received $3.2 million in pre-Series A fundraising in November 2021 from LetsVenture, AngelList India, Founder Room Circle, Kunal Shah, Beerud Sheth, Satish Grampurohit, Shanti Mohan, and Prateek Agarwal.
Prior to that, the business had secured $1 million in early capital in January of last year.