Multipl, the fintech startup that turned the concept of investing and spending upside down, just raised a whopping $1.5 million in funding rounds spearheaded by Blume Ventures and MIXI Global Investments. Let’s see what this means for the future of personal finance.
PC: The Economic Times
A Quick Recap: What is Multipl?
Founded in 2020 by the dynamic trio of Paddy Raghavan, Jags Raghavan, and Vikas Jain, Multipl is a FinTech platform rewarding users for investing in their future expenses. Imagine a world wherein you can save for that dream vacation, the latest gadget, or even your insurance premiums and earn rewards for them. Too good to be true? Well, that is exactly what Multipl is doing!
It’s integrated with mutual funds and partnered with leading brands to allow users a unique way to invest for their lifestyle spends. In lieu of making purchases on credit – which, again, a lot of us find ourselves straining at – Multipl encourages investing prior to buying big-ticket items. There, this is a win-win!
The Funding Round: A Closer Look
On July 17, 2024, Multipl announced that it had clinched funding of $1.5 million in a funding round led by Blume Ventures and MIXI Global Investments—not the first time Multipl took the interest of investors. Back in May 2022, the startup grew $3 million in a round that was led by Blume Ventures, GrowX Ventures, IIFL, and Kotak Securities.
So, what are plans for this new deluge of funds? Fund to be used in strengthening the platform, rolling out more features, says Paddy Raghavan. “The funding is going to help us in terms of evolving the product, making it much more robust in terms of features and making it more relevant to a larger group of users,” Paddy told ET in an interaction.
Max Out Partnerships:
Where partnerships are concerned, the network appears to be one of the inbuilt positives for Multipl. This platform has worked with over 70 brands across 15 categories as wide-ranging as travel, electronics, shopping, insurance, and premium services. Some of the big names in this list include Kalyan Jewellers, Yatra, Flipkart, Decathlon, Ather Energy, Livspace, Bluestone, Myntra, Acko, and Vedantu.
These partnerships allow users to invest in mutual funds for their lifestyle spends, thus making it easier to save up for aspirational purchases. Whether it involves buying the latest iPhone, taking a luxurious vacation, or putting your money into premium services, Multipl has got your back.
A Growing User Base
Since its inception, Multipl crossed more than 500,000 downloads, and within the coming year, the team is gunning to double this number. Interest from tier I cities is massive, but the increasing interest from tier II and tier III cities isn’t any small thing. “There is good interest from tier II and tier III cities when it comes to investing because they are aspirational also. They want to travel, they want to buy gadgets whether its iPhones or other premium phones, which are otherwise termed as aspirational goods,” Paddy said.
The Visionaries Behind Multipl
We now take a little session to appreciate the visionaries of this game-changing platform. Paddy Raghavan, Jags Raghavan, and Vikas Jain are the co-founders, and their collective expertise, with a passion for personal finance, has given impetus to this startup.
Paddy, himself often acting as the spokesperson of the company, has been vocal about the change that is needed in the way we spend and consequently, invest. “Spend-based investing represents a substantial evolution in how people can manage and grow their savings. Our continued investment reflect our confidence in Multipl’s potential to create long-term value for its users”, said Ashish Fafadia, partner at Blume Ventures.
The Investors’ Perspective
Both Blume Ventures and MIXI Global Investments are inclined to continue the partnership with Multipl. “The app encourages you to go for the aspirational spends and at the same time enables a healthy habit of saving. We are excited to be a part of this journey of building a personal finance solution for the cycle of saving, investing, and spending,” said Tomoharu Urabe, Principal Partner at MIXI Global Investments.
What’s Next for Multipl?
With the new funding, Multipl is all set to bring a slew of new features that make its platform much more user-friendly and relevant to a broader audience. This will bring out a strong product addressing the requirements of users stemming from every walk of life in doing their faintly outlined financial goals without getting trapped in credit-based spending.
In short, Multipl is not just another Fintech startup; it’s a revolution in how one has ever thought about personal finance. So, by making users invest in their future expenses and giving them an incentive to do so, Multipl is making sure that people make smarter financial decisions. With the latest round of funding, the platform is sure to scale to greater heights of success, and how much more excited could we get over this future?
