One97 Communications, which owns and operates Paytm, on Thursday said it has acquired Bangalore-based smart savings management startup Balance Tech for an undisclosed amount.
Following the acquisition, Balance Tech’s six-member team has joined Paytm’s product design division and is working on enhancing the payments provider’s user and merchant interfaces.
“Our conversational personal savings assistant nudges users to build a saving habit, and give purpose to their money as they go about their busy lives. We look forward to bring in computational intelligence, unique design and proprietary algorithms with balance to help Paytm users accomplish more with their money,” said Ankit Kumar, Chief Executive Officer and Co-Founder, Balance Tech.
“As we constantly look to create customised and intuitive user experiences, the Balance Tech team will be an invaluable part of this journey,” said Madhur Deora, Chief Financial Officer and Senior Vice President, Paytm.
Paytm has been on an acquiring spree of late. The company had recently announced that it had acquired Tiger Global-backed technology startup Cube26 and online ticket-booking platform TicketNew.