Fintech startup Multipl launched a UPI-linked spending account at Global Fintech Fest 2026, allowing users to earn market-linked returns on money set aside for daily expenses. The company plans to reach 200,000 users within a year by automating the investment and redemption process for short-term bill payments.
Fintech startup Multipl has introduced a new spending account at the Global Fintech Fest 2026, designed to help users earn returns on money intended for near-term expenses. The platform functions by keeping funds earmarked for bills, travel, or shopping in liquid mutual funds, rather than leaving them in a standard savings account with lower interest rates.
The core technology automates the process: when a user initiates a UPI payment for a purchase or bill, the system instantly sells the necessary amount from the liquid mutual fund investment to complete the transaction. This allows the remaining balance to stay invested in the market until it is needed for the next payment.
Following a successful pilot program involving 20,000 participants, which processed Rs 20 crore in investments and Rs 4 crore in UPI-linked transactions, Multipl is now looking to scale its operations. The company has set a target to grow its user base to 200,000 and reach Rs 200 crore in assets under management (AUM) within the next 12 months. To support this growth, Multipl is also integrating with the Bharat Bill Payment System (BBPS), which will allow users to settle utility bills directly using these investment-linked funds.
While the model aims to optimize idle cash, it is important for users and observers to understand the structural differences between this and a traditional bank account. Unlike bank deposits, which typically offer fixed interest rates, the returns on liquid mutual funds are market-linked and not guaranteed. This means the value of the investment can fluctuate based on the underlying fund performance.
Furthermore, the platform relies on the seamless integration of asset management partners, such as UTI, ICICI Prudential, Axis, and HDFC Mutual Fund, alongside the UPI infrastructure for real-time redemptions. Any technical delay in the redemption process could impact the user experience. From a regulatory perspective, fintech companies operating in the payment and lending space in India face continuous scrutiny from the Reserve Bank of India (RBI) regarding data privacy, digital lending, and transaction security. Maintaining compliance while scaling operations will be a critical monitorable for the management.
As Multipl is a private startup and not currently listed on stock exchanges like the NSE or BSE, there is no direct impact on public equity markets. The company's future success will depend on its ability to maintain operational stability and build user trust in an environment where capital protection is often prioritized by retail savers.