Paytm today announced that it has acquired Bengaluru-based Smart-savings Management Startup- ‘Balance.Tech’. Paytm says that Balance.Tech team has great insights and track record in building such intelligent and elegantly designed products.
The 6-member Balance team has joined Paytm’s product & design teams and is working on further enhancing the company’s user/merchant interfaces. Paytm says that Balance.Tech team will be an invaluable part of the journey. However, neither of the companies have disclosed the financial aspects of the acquisition.
Madhur Deora, Chief Financial Officer & SVP, Paytmsaid:
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, CEO & Co-Founder, Balance. Tech 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.