One97 Communications, the parent company of Paytm, has today announced that it has acquired Bangalore-based Balance Technology Pvt. Ltd, which own and operates smart savings management app Balance.Tech, for an undisclosed amount.
Post acquisition, Balance Tech’s six-member team has joined Paytm’s product design division and is working on enhancing the payments provider’s user and merchant interfaces.
Founded in 2016 by Ankit Kumar and Abhishek Malik, Balance.Tech is an everyday saving app that builds a saving habit for its users. It comes with a tag line “Your own little money saving accountant for a world that makes you spend”.
“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,” said Ankit Kumar, CEO & Co-Founder, Balance.Tech.
Madhur Deora, Chief Financial Officer & SVP, Paytm 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.”
With Balance.Tech acquisition, PayTM has so far acquired 11 companies including NightStay for $20 Mn in last month, and Cube26 for undisclosed amount, in June this year.
In May, Paytm’s parent, One97 Communication announced that its revenue grew to Rs 829 crore for the financial year 2017, up from Rs 598 crore in the year before, even as its losses narrowed for the same period.
Last month, it was reported that PayTM’s largest stakeholder Japan’s SoftBank is close to announce its new mobile digital payments service for Japan in collaboration with PayTM.
[Top Image – Balance.Tech Team | Via – YourStory@Twitter]