Paytm, India’s leading digital payments platform, in a move to improve user experience, has bought management startup Balance.Tech for an undisclosed sum of money on Thursday.
The chief financial officer of Paytm, Madhur Deora, has confirmed the purchase of Balance Technology app, however, he did not disclose the amount of money that was incurred for acquiring the Bangalore based wealth management startup.
Mr. Deora, CFO of Paytm, while verifying the acquisition of Balance Tech app said:
We are excited to welcome Ankit, Abhishek and the Balance.Tech team to Paytm. They have created a fantastic product with real user engagement. As we constantly look to create customised and intuitive user experiences, the Balance.Tech team will be an invaluable part of this journey.
Ankit Kumar, an alumni of IIT Kanpur, founded Balance Technology Pvt Ltd as an initiative to help people save money.
Mr. Kumar while confirming the deal with Paytm, said:
“Our team has been building automated products that make the saving experience relatable and delightful by helping users reach their goals in clever little ways. Our conversational personal savings assistant nudges users to build a saving habit, and give purpose to their money as they go about their busy lives. We look forward to bring in computational intelligence, unique design and proprietary algorithms with Balance to help Paytm users accomplish more with their money.”
Ankit Kumar, Abhishek Malik and four other members of Balance Tech team will now onward be the part of Paytm’s Product team, added Mr. Deora to his statement.