Siply, a tech-enabled micro-lending and savings platform, has disbursed over ₹125 crore loans in the last eight months to over one lakh people without any default.

The average ticket size of the disbursements ranged between₹3,000-₹10,000 , said the company.

The user base has grown by 24 times and revenue by 40 times in the last eight months, it added. 

The monthly income of an average loan applicant is ₹18,000. The interest rate was at 15-18 per cent per annum. Siply does not charge any processing or convenience fee. 

Started two years back, it has over 1.5 million users, who have collectively made over two million transactions. Siply encourages savings of as low as ₹100 per week and its total assets stands at ₹175 crore.

Siply is a tech-enabled platform providing micro financial services to underserved ciitzens via its mobile app and website.

Sousthav Chakrabarty, CEO and co-founder, Siply, said, the right tech solution for people using low-tech smartphones can make a huge difference to middle-class who wish to access credit. Micro-savings and micro-credit are the next big things that will lead to financial wellness and inclusion of India’s Next Billion, he added.

Siply has tied up with 37 large brands such as Swiggy, Quess, Avenue Growth, Awign, Hesa, Apna, MoneyTap, and Grameen, among others. The employees of these companies – mainly gig workers – have access to the Siply app where they can make savings, investments and also access micro-credit.

Gold Savings Scheme

Recently, the company has also launched Gold Savings Scheme, a goal-based scheme, where the user can choose from either a 1g or 0.5 g coin and buy it in installments.

Siply has turned gold into a micro-savings instrument by allowing people to invest ₹100 per week, offering pure 24 carat gold in return.

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