Siply Launches Affordable Gold Savings Scheme with High Returns for the Masses


Micro-savings fintech platform Siply, which offers ‘sachet financial services’ for 40 crore underserved Indians, today announced the launch of the Siply Guaranteed Gold Savings Scheme. Available to all users on their app, this is a one-of-a-kind scheme with many distinct features, as follows:

  • Investment can be as low as Rs. 100 per week
  • Duration of the scheme is three months
  • An investor can earn an extra 10% gold in three months compared to the prevalent market rate of 8.33% offered by most jewellers (11-12 month schemes)
  • Pan-India access, available across urban and rural areas
  • Highest purity gold of 24 carats offered

Gold as an investment option is considered safe as well as aspirational by most Indians. The prohibitively high price of the metal, however, makes it almost impossible for financially weaker sections of society to trade in or invest in Gold. Tapping into this huge unmet demand, Siply has introduced the Guaranteed Gold Savings Scheme, which addresses the specific requirements of underserved Indians. The entry point has intentionally been kept at a very low level (minimum Rs 100 per week), facilitating participation by blue and grey collar workers, gig workers, micro entrepreneurs and small business owners, among others. Customers from the remotest parts of India now have access to a 24-carat gold scheme, which is designed to be financially inclusive, flexible and convenient for all.

Speaking about the Siply Guaranteed Gold Savings Scheme, Sousthav Chakrabarty, Co-Founder and CEO, Siply, observed, “With this scheme, we have moved one step ahead in our vision of creating a more financially-inclusive India. A large chunk of Indians, who were till now unable to save or invest due to their limited financial means and a lack of convenient options, can now do so through Siply’s micro-financial offerings. This Guaranteed Gold Savings Scheme is one of them. We will continue to introduce more such pioneering financial solutions aimed at the 40 crore Indians who have not yet been able to reap the benefits of the different financial products available in the market today.”

Anil Bhat, Co-Founder and CTO, Siply, offered insights into the technology behind the platform that is bringing such products to life. He said, “To make this even more accessible, Siply is building a platform which enterprises can easily connect to and offer micro-savings options directly to their workforce. We are also building voice and SMS based capabilities to make this further accessible to feature phone users.”

The Siply app is available to download on the Google Play Store, in English and other regional languages. It is easy to use, with users having no need to provide additional documents, as the Siply Guaranteed Gold Savings Scheme is linked directly to their phone numbers. Siply’s Mutual Fund offering also has a fully digital sign-up process based on eKYC. Since its launch in late 2020, there are already 80,000 users registered on the Siply app. Business worth Rs. 25 crore has already been carried out on the Siply platform and the number of transactions has crossed 3 lakh.


Micro-savings Fintech Platform Siply Raises USD One Million in Seed Funding


Siply, an AI-driven ‘sachet financial services’ platform for underserved Indians which currently offers micro-savings, micro-credit, micro-investment and other value added services, today announced that it has raised USD one million in seed funding from investors like Jain International Trade Organisation (JITO) Angel Network and Inflection Point Ventures (IPV), along with a group of CXOs from India and UAE-based angel investors. With this infusion of funds, Siply will accelerate its technology platform integration with ecosystem players, expand the team and onboard distribution partners.

A Bengaluru-based startup, Siply was founded in July 2020 by Sousthav Chakrabarty and Anil Bhat, both seasoned professionals of the Banking, Finance and Technology sectors, with prior experience of entrepreneurship. It was started with the vision of creating a more financially inclusive India where Siply helps underserved masses inculcate a savings behaviour to build a more productive and financially secure country. It is doing this through a technology-enabled micro-savings platform where the investment can, for the first time in India, be as low as Re.1. The platform offers unprecedented flexibility and ease of use to its users, who are mostly of limited financial means, and is available in multiple local languages.

“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. The level of flexibility and convenience we are offering, coupled with advanced technology and the sector expertise that we possess, will help us create a unique bouquet of financial services for the masses of India. This funding helps us move another step forward in that direction,” said Sousthav Chakrabarty, Co-Founder and CEO, Siply, speaking about the development.

Within the short span of its existence, Siply has had its innovative business model of providing ‘sachet financial services’ validated by its target customer base comprising contract workers, blue-collar workers, gig economy workers and small business owners; it had 10,000 users by end of year 2020 in the pilot phase itself. Business worth INR 2 crore has already been carried out on the prototype product, and the number of transactions has crossed 10,000. Digital Gold and Emergency Funds are currently available as savings and investment instruments on the Siply platform and have seen significant repeat transactions by users. Other financial instruments are in the pipeline and will be launched soon.

Commenting on the funding, Ashok Shah, Vtrans, JITO Angel Network , Lead Investor, said, “Siply is a must have for all blue collar workers. In today’s scenario where very often expenses outweigh savings, Siply is a platform which helps people easily make investments in Gold (digital) and many other products that Siply has to offer, in a way that fits their budget and gives them flexibility of usage. We at JITO Angel Network are proud to be part of Siply and are very confident that Sousthav will lead the company to great heights.”