Capital Quotient launches a payroll-based programme aimed at helping employees of small and medium-sized enterprises in tier II and III cities of India. IDFC Bank is its tech integration partner for nodal accounts.
A first-of-its-kind, employees of small enterprises can now hope to create a savings fund with a little contribution per month and get a contribution from their employers as well. The app would be available in English, Hindi, and Kannada.
“Capital Quotient as a company aims to spread financial literacy. With only 4 percent of MSMEs having access to a formal source of finance and even fewer with knowledge of saving options, creating awareness on the importance of saving is absolutely the need of the hour. With this vision, we have launched Siply, so that even workers of small businesses can start saving and have financial security.”, said Sousthav Chakrabarty, Co-founder, and CEO of Capital Quotient.
He further added, “A significant percentage of the population falls under the salary bracket of less than Rs 10,000, which is below the PF threshold and are generally overlooked by wealth management firms and agents. This is the section we are targeting with Siply. Our first step is to educate the business owners, who we hope will help us reach out to a larger section of the population, clearing misconceptions of locking away a big chunk of one’s income to have a contingency fund”.
An IDFC Bank official said, “We are happy to associate with Capital Quotient to make a difference to the lives of the employees of small and medium enterprises. Business owners, especially from the manufacturing industry across the country have rolled out this programme for their employees with the objective of giving them a secured financial life. “