Multipl has launched a UPI-based spending app that allows consumers to keep money earmarked for everyday expenses invested in liquid mutual funds until it is needed. The consumer fintech platform unveiled the Multipl Spending Account with UPI in the presence of representatives from NPCI and participating asset management companies.
The product combines investing, liquidity and payments within a single experience, with Multipl positioning it as a new type of spending account rather than another payment or savings feature.
The launch follows a pilot involving more than 20,000 users, with investments exceeding Rs 20 crore and UPI transactions of around Rs 4 crore. Based on the pilot, the indicative average investment balance was approximately Rs 10,000 per user.
Multipl plans to scale the product tenfold over the next six to 12 months, targeting approximately two lakh users and Rs 200 crore in investments.
The Spending Account is designed around money set aside for near-term expenses such as travel, shopping and household bills. Users can invest such funds in an eligible liquid mutual fund, potentially earn market-linked returns and access the money when required.
When a payment is initiated, the required amount is redeemed from the liquid mutual fund and transferred to the user’s linked bank account. The payment can then be completed through Multipl’s integrated UPI interface, with both steps managed within the app.
“Your money has a job to do, even when it is waiting to be spent. UPI transformed how Indians pay, but money earmarked for upcoming expenses often remains idle until the payment happens. We want to create a new spending-account category where that money remains accessible while also getting an opportunity to earn market-linked returns. The response to the pilot gives us confidence that consumers are ready for this shift,” said Paddy Raghavan, Co-founder and CEO, Multipl.
Multipl is working with UTI Mutual Fund, Axis Mutual Fund, ICICI Prudential Mutual Fund and HDFC Mutual Fund to provide eligible liquid mutual fund options. The company provides the consumer-facing Spending Account, technology layer and UPI experience as a Third Party Application Provider, while NPCI provides and operates the UPI infrastructure and ecosystem framework supporting the transactions.
The company plans to extend the Spending Account to bill payments on September 10, 2026 in the presence of BBPS leadership. Users will also be able to redeem their investments to purchase gift cards from participating brands and access applicable discounts.
Multipl currently has more than five lakh users, has facilitated investments exceeding Rs 150 crore and manages assets of over Rs 125 crore.
Mutual fund investments are subject to market risks and returns are not guaranteed. Redemption and transaction availability remain subject to applicable scheme limits, banking processes and regulatory requirements.
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