Startup Saveabhi is on a mission to make the young generation familiar with the savings and investments culture right from early ages. It claims to be a 21st-century piggy bank version for millennials, the app helps users save and invest even their little earnings.
At a glance
- Startup name: Saveabhi
- Founder: Priyank Barthwal, and Vikram Malhotra
- Year: 2016
- Place: Gurugram
- Sector: Fintech
These days technology is changing the way we live, finance is no way behind. Since two years, Fintech has been the most growing sector in India. Over 400+ Fintech startups have taken birth since 2016, making India the world’s fastest-growing Fintech ecosystem. Second place has been occupied by the U.S which has 305 new startups. From money lending platforms, tech advisory firms to digital payments, Fintech have been simplifying our lives and growing wealth through the power of technology.
One such startup is Saveabhi.
” Younger generation have endless desires to spend the money. Spending money has been common in their lives. So by the time they hit the mid-30s, they realize the importance of savings. Then starts the tension in lives which disrupts the happiness of quotient. Busy schedule, lack of knowledge in savings and investments are the two main reasons, diverting their focus from savings and investment,” Priyank Barthwal adds.
Priyank along with Vikram Malhotra decided to start Fintech model, which links expenses and savings, Thus Saveabhi took birth. The app’s prime feature is ‘Save the Change’, which allows users to save some extra money for small investments.
Saveabhi offers two schemes in mutual funds. The first one is for those who don’t want to risk and are comfortable with lower returns. The second scheme is the aggressive one who wants to get higher returns.
Priyank is Btech from IIT Delhi and has worked in big organizations and also startups and got expertise across multiple segments.
Vikram has 15 years of vast experience in the Investments industry. His last job was in ICICI Prudential mutual funds, where he was their Business Head for North region.
How the app works
Every time a user does an online transaction, the app rounds up that amount to the next hundred and puts that extra amount into an investment account. Let’s see an example.
Suppose a user takes an Ola ride for Rs 270, Saveabhi would round that up to Rs 300 and take the extra Rs 30 and put it in the user’s virtual investment piggy bank.
Once the amount in the virtual account crosses Rs 500, that amount will be deducted from a user bank account and will be invested in MF. Priyank reveals that they are also working on bringing down this threshold value to Rs 100.
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