Paytm Acquires Mutual Investment App Balance
Paytm owner One97 Communications has acquired fintech startup Balance in a bid to boost its digital services portfolio. Balance is a Bengaluru-based company, founded in 2016. Its app makes mutual fund investments with no lock-in period on behalf of its users, generating returns of up to 8.7%. The price of the deal was not disclosed.
The company only has six team members, all of whom have now joined Paytm’s product and design team. They will be working on enhancing Paytm’s user and merchant services, One97 Communications said in a statement.
Paytm CFO Madhur Deora praised Balance, stating it had created “a fantastic product” and expressing hope that that the deal would help the company “create customised and intuitive user experiences.”
One97 Communications Ltd has acquired the operator of fintech application Balance, as the parent of digital payments company Paytm looks to grow its financial services business.
Bengaluru-based Balance Technology Pvt. Ltd's six-member team has joined the Paytm product and design team, One97 Communications said in a statement. The team is working on enhancing Paytm’s user and merchant interfaces, it added.