Multipl, a SEBI-registered fintech platform pioneering the ‘Spendvesting’ concept, has raised an additional $1.5 million in funding. Blume Ventures and MIXI Global Investments, Inc. led this round.
The capital will enhance the platform and introduce innovative features, furthering Multipl’s mission to integrate investing with lifestyle spending. This unique approach allows users to invest small amounts in mutual funds for future expenses while benefiting from brand rewards.
Paddy Raghavan, Co-Founder of Multipl, expressed gratitude for the support from Blume and MIXI Japan, emphasizing the funding’s role in enhancing the product experience and raising awareness about Spendvesting.
Blume Ventures partner Ashish Fafadia highlighted the significant evolution Multipl represents in personal finance: “Our continued investment reflects our confidence in Multipl’s potential to create lasting value for its users.” Tomoharu Urabe, Principal Partner at MIXI Global Investments, praised Multipl’s dual benefits from investment and discounts, adding that the app encourages aspirational spending while promoting healthy saving habits.
Since its inception in 2020, Multipl has achieved significant milestones, including over 500,000 downloads, 100 brand partnerships, and facilitating goals valued at over ₹1000 crores. Recent innovations include ‘Open Goals,’ which enables users to invest for unforeseen future expenses through brand partnerships, and the Window Shopper widget, which embeds financial planning options at the point of purchase on merchant websites and apps.
Multipl’s innovative concept and strategic funding position it to revolutionize financial management, making lifestyle spending more beneficial and engaging for users. The continued support from prominent investors underscores confidence in Multipl’s ability to create significant value and drive forward its mission of helping Indians lead financially prudent and aspirational lives.
Founded in 2020 by Paddy Raghavan, Jags Raghavan, and Vikas Jain, Multipl has become a global platform for Spendvesting. The company has carved out a unique niche by blending the satisfaction of spending with the benefits of investment.
Multipl’s model involves short-term recurring investments in assets like mutual funds, advised by SEBI-registered in-house experts and supplemented by contributions from partner brands. This dual-benefit approach offers value to customers, merging financial prudence with rewarding spending habits.
