It is important for people to make informed decisions about their financial investments in order to sustain themselves during any crisis. While it becomes difficult to manage money every day along with work and other personal responsibilities, people generally tend to rely on financial agents to make investment decisions.
Hyderabad-based Finoramic Inc is aimed at enabling people make better financial decisions through its mobile app, Figg. The app analyses the finances and expenses of the users and suggests whether they should make certain investments, buy certain products, and also how will the transaction impact their future plans.
Launched in 2017 by Sachin Gupta, Finoramic initially acted as a B2B player where it worked with other fintech companies. However, the company realised the platform’s capabilities were not used to its best and the adoption was slow. In order to ensure the product reached the end customers properly, the startup pulled out its B2B services and launched its B2C app Figg last year.
Finoramic has raised two rounds of seed funding from angel investors. The startup declined to reveal financial and investor details about the deal.
Business and more
According to the founder, Figg is targeting millennials and Gen Z as they are more digitally equipped and tend to opt for online financial services.
“With the new culture of buy now and pay later, lots of millennials get stuck in this debt problem without understanding the long term repercussions of the same. We want to help them become financially disciplined and save/invest more,” he adds.
The startup is currently working to launch a new feature called “affordability and impact calculator”, which allows users to check if they can, for example, afford an iPhone or if they should consider taking a personal loan for the purchase. This feature will analyse and inform the user how a particular purchase can impact their long and short term goals.
Speaking about the business model, the founder says the app is currently not generating revenue. He explains that once the app gains momentum and records more users, the company will opt for a “freemium model” where users will be charged between Rs 30 to 50 for value-added services.
Figg faces competition from other money management apps such as Mint, Spendee, Expensify, and Pocket Expense, among others. While Sachin agrees that the competing apps are quite similar, he believes there are slight differences as most of the players focus on helping users manage their money better, while Figg can analyse and help users understand the future consequences of making a certain transaction.
“We have 1,000 users already, and in the next six months, our goal is to have 100,000 users. In the long term, we want to become the default financial advisor for anyone seeking financial advice. We would like it to become a friend whom you can ask for any personal finance advice,” Sachin says.
Edited by Megha Reddy
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