Fintech Platform Multipl Seeks To Capitalise On Spendvesting With Infusion From Blume, MIXI

Bengaluru-based fintech platform Multipl has raised a funding of INR 12.3 Cr (around $1.5 Mn) from Blume Ventures and MIXI Global Investments.

The startup plans to use the fresh capital to scale up its operations and rolling out disruptive features to help more Indians start spendvesting, it said in a statement.

In simple terms, spendvesting is a personal finance strategy that promotes recurring investments in assets such as mutual funds and digital gold.

Founded by Paddy Raghavan, Jags Raghavan and Vikas Jain in 2020, Multipl offers personalised investment advisory that helps users invest in mutual fund style baskets and link those baskets to relevant lifestyle spending goals, one time spending (such as buying a bike or car, furniture piece and more), recurring spending (school fees, insurance premiums or festival gifting), and long-term wealth generation and savings (retirement fund, tax-savers and more).

“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” said Paddy Raghavan.

Since its inception, the startup claims to have achieved a host of milestones, including over 5 Lakh downloads, nearly 100 brand partnerships and goals valued at over INR 1000 Cr.

Multipl competes against the likes of Hubble, Tortoise and Zave among others.

The development comes at a time when India’s fintech space has been seeing a lot of funding activities.

For instance, on Monday, Hyderabad-based fintech startup Validus Fintech Services Pvt Ltd  secured an undisclosed capital as a part of its seed funding round from AUM Ventures and a clutch of strategic investors.

Similarly, earlier this month, healthcare-focused fintech startup Care.fi secured debt funding of $2.6 Mn (around INR 21 Cr) from Trifecta Capital and UC Inclusive Credit. 

As per an Inc42 report, in Q4 2023, fintech funding in India saw a 12% decline compared to Q4 2022, totaling $413 Mn, alongside the lowest median ticket size in the past three years. Despite this, lending tech sustained investor interest, with fintech SaaS emerging as a strong contender.

The Indian fintech market is projected to soar to $2.1 Tn by 2030, with lending tech emerging as the most lucrative sub-segment.