Paytm acquires Bengaluru-based Balance Technology

Digital payments major today said it has acquired Bengaluru-based savings management startup, for an undisclosed amount.

The acquisition will help One97 Communications, which operates the brand, in further enhancing its user and merchant interfaces, said in a statement.

While Paytm declined to comment on the deal size, the transaction is expected to be about USD 2 million as per industry sources.

We are excited to welcome… the team to Paytm. They have created a with real user engagement. As we constantly look to create customised and intuitive user experiences, the team will be an invaluable part of this journey, Madhur Deora said.

The six-member team of Balance Technology has joined the and Alibaba-backed company’s product and design team.

“Our team has been building automated products that make the saving experience relatable and delightful by helping users reach their goals in clever little ways,” Balance Technology said.

He added that the company will use its capabilities in computational intelligence, design and proprietary algorithms to help Paytm users.

According to Balance Technology’s website, the company helps users invest as per goals that they have set, allowing them to earn up to 8.7 per cent in returns without lock-in periods.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)