Balance is a micro-savings app through which users can save for a goal
The startup was founded in 2015 by Ankit Kumar, Co-Founder of Fintech Startup and Abhishek Malik, ex-Credibase. The funds will be used for hiring talent and marketing.
Zerodha CEO, Nithin Kamath said, retail participation in the capital market is much lower in India than in developed economies. Rainmatter has a corpus of Rs 35 crore, and we have invested around Rs 15 crore so far. This is Balance’s first funding round, he added.
Before people start investing, they need to start saving, and Balance focuses on helping people save in low-risk instruments. Balance’s superior user experience is also its core strength,” he said.
The app is designed to understand spending patterns of individuals and use its proprietary spend analysis engine to suggest saving methods. It also allows individuals to invest in low-risk debt mutual funds with no lock-in or exit load and get returns of up to 8.7 per cent. The app sets aside a proportion of expenditure to achieve the goal.
The app will be launched this week and will connect to the trading accounts of Zerodha’s Kite trading platform, giving it access to 2.8 lakh users .