Bengaluru, India, July 17th, 2024 – In a significant development for the fintech sector, Multipl, an innovative SEBI-registered platform, has successfully raised an additional $1.5 million in funding. The round was led by Blume Ventures and MIXI Global Investments, Inc., aimed at further enhancing the platform and introducing groundbreaking features to help more Indians embark on their ‘Spendvesting’ journeys.
As the Indian market witnesses a surge in mutual fund investments primarily for long-term wealth creation, Multipl introduces a unique twist by integrating investing with lifestyle spending. This novel concept, Spendvesting, seamlessly blends investment with spending, setting a new benchmark in financial management. Multipl enables consumers to regularly invest small amounts in mutual funds for future expenditures, rewarding their loyalty through partnerships with top brands. This approach not only makes lifestyle spending more beneficial but also adds an element of fun.
Paddy Raghavan, Co-Founder of Multipl, expressed his enthusiasm: “The support from Blume and MIXI Japan will help us enhance the product experience and bring more awareness to the Spendvesting category that we are creating. This round of funding empowers us to drive forward our mission of helping Indians live an aspirational life in a financially prudent manner.”
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Ashish Fafadia, partner at Blume Ventures, shared his excitement: “We are excited about the opportunity to support Multipl’s innovative approach to personal finance. Spend-based investing represents a significant evolution in how individuals can manage and grow their savings. Our continued investment reflects our confidence in Multipl’s potential to create lasting value for its users.”
Tomoharu Urabe, Principal Partner at MIXI Global Investments, Inc., added, “Multipl does have a great value proposition rewarding wise consumers with dual benefits from investment and discounts. The app encourages you to go for your aspirational spending and at the same time helps you maintain a healthy habit of saving. We are excited to be a part in this journey of building a personal finance solution for the cycle of saving, investing and spending.”
Since its inception in 2020, Multipl has achieved remarkable milestones, including over 500,000 downloads, forging over 100 valuable brand partnerships, and facilitating goals worth over ₹1000 crores. The platform continues to innovate with features like ‘Open Goals,’ allowing users to invest in unforeseen future expenses through brand partnerships, and the ‘Window Shopper’ widget, which enhances savings by integrating financial planning options at the point of purchase across merchant websites and apps.
About Multipl
Founded in 2020 by Paddy Raghavan, Jags Raghavan, and Vikas Jain, Multipl stands as a pioneer in the Spendvesting space, combining the gratification of spending with investment benefits. The platform offers short-term recurring investments in mutual funds advised by SEBI-registered in-house experts, complemented by contributions from partner brands, resulting in a dual-benefit model that delivers unmatched value to its customers.
