GFF 2026: Multipl launches UPI-linked spending account to let users invest money set aside for expenses

Kolkata: Consumer fintech platform Multipl has launched a UPI-linked spending account that allows users to invest money earmarked for everyday expenses in liquid mutual funds and redeem it when they need to make a payment.

Called the Multipl Spending Account with UPI, the product was launched at the Global Fintech Fest 2026 in the presence of representatives from NPCI and participating asset management companies. Multipl is positioning it as a spending account that combines investing, liquidity and payments.

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. The average investment during the pilot was about Rs 10,000 per user.


Multipl plans to scale the product tenfold over the next six to 12 months, targeting about two lakh users and ₹200 crore in investments.
The product is designed for money set aside for near-term expenses such as travel, shopping and household bills. Users can invest this money in an eligible liquid mutual fund and, when they initiate a UPI payment, the required amount is automatically redeemed and transferred to their linked bank account before the payment is completed through Multipl’s UPI interface.

“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,” said Paddy Raghavan, co-founder and CEO, Multipl. “We want to create a new spending-account category where that money remains accessible while also getting an opportunity to earn market-linked returns.”

Multipl is working with UTI Mutual Fund, Axis Mutual Fund, ICICI Prudential Mutual Fund and HDFC Mutual Fund to offer eligible liquid mutual fund schemes. The company provides the consumer-facing Spending Account, technology layer and UPI interface as a Third Party Application Provider, while NPCI operates the underlying UPI infrastructure and ecosystem framework.

The company will extend the Spending Account to bill payments on September 10 in the presence of Bharat Bill Payment System (BBPS) leadership. Users can also 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.