Digital payments service provider Paytm today said it has acquired Bengaluru-based savings management startup, Balance Technology, for an undisclosed amount.
The acquisition will help One97 Communications, which operates the Paytm brand, in further enhancing its user and merchant interfaces, Paytm said in a statement.
While Paytm declined to comment on the deal size, the transaction is expected to be about $2 million according to industry sources.
“We are excited to welcome the Balance Technology 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 Technology team will be an invaluable part of this journey,” Paytm Chief Financial Officer and Senior Vice President Madhur Deora said.
The six-member team of Balance Technology joined the SoftBank and Alibaba-backed company's product and design team.
“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,” Balance Technology Chief Executive Officer and Co-Founder Ankit Kumar said.
He said the company will use its capabilities in computational intelligence, design and proprietary algorithms to help Paytm's users.
According to Balance Technology's website, the company helps users invest based on the goals that they have set, allowing them to earn up to 8.7 percent in returns without lock-in periods.
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