New Delhi, Feb 23: A start-up in FinTech space Saveabhi announced the launch of its Android app that intends to raise saving and investment among the youth in India.
With the new concept named "Save the Change", Saveabhi hopes to improve with conventional ideas like SIPs and lump sum investment. The App has been introduced on an insight that linking expenses to savings are the solution to promote small but regular investment.
Saveabhi's "Save the Change" innovation blends this viewpoint with the potential of combining to form the power of long-term wealth making to its customers. The app goes further and helps users create capacity for savings by providing features like expense tracking and budgeting.
The process of tracking payments, budgeting and saving the spare change is fully programmed. Each payment done through digital payments like a credit card, debit card, net banking etc is updated in an expense dashboard, evaluated against the overall budget for the expense category and change to the nearest hundredth of the expense amount is added to the "Save the Change " account.
co-founder of Saveabhi, Vikram Malhotra said, "during my career as an investment advisor, I have realized that everyone wants to save frequently, invest wisely and become financially independent by forty but very few have the financial discipline to follow the investment plan. We have launched the app after a successful trial run with more than 7000 users and investors. Our motive is to drain out the middleman to reduce mis-selling to the consumer. Our app also provides the cumulative five years return on investment to help customers choose the best financial products."