March 2023: Siply, a tech-enabled micro-savings platform with 7 million users, today announced that it has partnered with MoneyWide, a fintech lending platform, to offer Siply users paperless and instant personal loans at its phygital branches. Siply aims to disburse more than 10,000 loans by FY24 worth INR 100 Crores through this partnership.
This association is another step in Siply’s overarching financial inclusion narrative as the Fintech aims to make financial services accessible to more than 400 million Indians in its target demographic of middle-income earners and underserved masses such as contract workers, blue-collar workers, gig economy workers, and small business owners.
MoneyWide is a digital lending application that offers 100% digital, paperless, and instant personal loans using cutting-edge proprietary technology. MoneyWide is a part of the PB Fintech Group that runs India’s leading marketplaces, Policybazaar and Paisabazaar.
“At Siply, we believe that financial inclusion is the key to empowering nearly 40 crore Indians who are not yet a part of the formal banking system and have been overlooked by traditional banks and mutual fund houses. Our partnership with MoneyWide is a significant step towards fulfilling our mission, as we aim to provide paperless and instant personal loans to our users through our phygital branches. With a target of disbursement of nearly 10,000 loans, we are committed to bringing sachet financial services to the masses and bridging the gap in the financial landscape of India,” said Sousthav Chakrabarty, CEO & Co-founder, of Siply.
This partnership announcement follows a $7.5 million recent acquisition of myPaisaa’s advanced new-age chit platform by Siply and adds new offerings to the platform’s rapidly expanding suite of financial services that include Digital chits, Siply Gold Savings Scheme, Siply Gold Jewellery Scheme, Chhotastock, and more.
Siply also has a micro-credit service that was launched back in July 2021 and has disbursed more than 2.43 Lakh loans for a total volume of more than INR 230 Crores.
Siply turned profitable in November 2022, within 2.5 years since its inception, recording INR 2.12 crore profit. Having taken the phygital route, Siply currently has 14 branches in 3 states and 8 cities. The company is also in the process of setting up Simply Seva Kendras in Maharashtra, Tamil Nadu, and Kerala in the coming months and has set a goal to launch 1,000 branches across 115 cities in India over the next 3 years to bring sachet financial services to the masses.