Bengaluru: Multipl, a new-age SEBI registered fintech platform that integrates investing and spending through its innovative ‘Spendvesting’ concept, announced that the company has raised additional funding of $1.5 million led by Blume Ventures and MIXI Global Investments, Inc.
The capital raised will be deployed towards making platform enhancements and introduction of disruptive features thereby helping more Indians start their Spendvesting journeys.
While there is a sharp growth in Indians participating in mutual fund investments, this has primarily been towards long-term wealth creation needs or for pure-play investment purposes. Multipl, with its integration with mutual funds and partnerships with top brands, is now enabling consumers to invest in mutual funds for their lifestyle spends. This unique concept seamlessly integrates investing and spending, setting a new standard in financial management. By empowering individuals to invest small amounts in mutual funds regularly for future expenditures and by bringing brands to reward customer loyalty, Multipl makes lifestyle spending with brands more beneficial and fun.
Upon the announcement, Paddy Raghavan, Co-Founder of Multipl, commented, “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”.
“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,” said Ashish Fafadia, partner at Blume Ventures, in the announcement.
Tomoharu Urabe, Principal Partner at MIXI Global Investments, Inc., said, “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 establishment in 2020, Multipl has achieved significant milestones, including over 500,000 downloads, forming more than 100 valuable brand partnerships, and facilitating goals valued at over ₹1000 crores. Multipl continues to innovate with recent introductions such as ‘Open Goals,’ enabling users to invest in unforeseen future expenses through partnerships with leading brands. The Window Shopper widget further enhances consumer savings by seamlessly embedding options for financial planning at the point of purchase across merchant websites and apps.
About Multipl:
Established in 2020 by Paddy Raghavan, Jags Raghavan, and Vikas Jain, Multipl stands as the foremost global platform dedicated to Spendvesting. It has emerged as a category creator by bringing together the gratification of spending with the benefits of investment. Short-term recurring investments in assets like mutual funds advised by SEBI registered in-house experts, combined with an added contribution from partner brands, have resulted in a dual benefit model yielding unmatched value to its customers.
