[ad_1]
With a mission to simplify the way people invest, spend, view and save money. We’re building a new kind of micro-investing platform that lives on your smartphone and is built for the way you live today. Spare8’s vision is to create a change in approach to how Indians save, with less than 3% of the Indian population actually saving or investing, we believe we can bridge the gap and guide people towards building safer financial habits , while educating them to have a more secure and financially stable future.
- Tell us more about Spare8 –
Spare8’s mission is to transform the way consumers manage their finances. Our tagline ‘Spending is the New Investing’ reflects our dedication to helping Indians develop better saving habits. With only 3% of the Indian population currently saving or investing, we hope to close the gap and educate people on how to build a financially secure future.
We are adamant that low-income groups have equal opportunities to benefit and build a better future for themselves, which is why we are concentrating our efforts in second- and third-tier cities.
2. Tell us about the co-founder of Spare8, Ronit Harisinghani?
As a young and ambitious fin-tech entrepreneur, Ronit is on a mission to change the way Indians save.
Having worked with an industrial giant ie. Centrum Capital, and helped close a $66 million AIF fund, Ronit felt the need to use his passion and knowledge of finance and set out to help Indians understand wealth and educate them to build a sustainable future.
In 2021, Ronit along with Shardul built Spare8. A platform that simplifies the way people spend, invest, view and save money. With roughly only 3% of the Indian economy actually saving or investing, they adapted the app to be more engaging and while gamifying the approach to help users build a habit of saving over time by leveraging technology UPI 2.0 stack, it makes Spending the new investment extremely hassle-free.
3. What is the gap you are trying to bridge through your venture?
Spare8’s mission is to help the Indian population overcome the savings and investment gap. We intend to achieve this by helping people develop sound financial habits and teaching them how to build a financially secure future. Our app is specially designed to make saving and investing simple and easy by using a well-known financial instrument, gold. This approach allows us to help people develop a habit of saving and investing without them even realizing it.
4. Tell us the role technology is playing in boosting micro-investment in India
For years, banks have been trying to reach the Indian masses with their financial products, but despite investing billions of dollars, they have only reached a small percentage of the population. However, the implementation of Digital India initiatives, including the Unified Payments Interface (UPI), has led to a significant transformation of the payments landscape in India. As a result, India now has more real-time online transactions than the United States, the United Kingdom, and China combined. UPI has also enabled India to provide fractional investment opportunities comparable to those in the United States.
5. How will microinvesting apps help in the bigger scheme of things?
In the grand scheme of things, micro-investing apps like Spare8 can help in several ways:
- Increase savings and investments: Micro-investing apps make it easy and affordable for people to start saving and investing small amounts of money, which can contribute to the country’s overall savings and investment rates.
- Financial education: Microinvesting apps also offer educational resources to help people learn the basics of investing and personal finance. This can lead to better financial decision making and financial literacy.
- Long-term thinking is encouraged by micro-investing apps. This can help shift the emphasis from immediate gratification to long-term financial goals.
- Increasing financial inclusion: Micro-investing apps can help increase financial inclusion by making it easier for low-income or financially illiterate people to start saving and investing.
- Diversify Investments: Micro-investing apps can help investors diversify their portfolios by allowing them to invest in different assets such as stocks, bonds, gold and other assets.
Overall, microinvesting apps have the potential to help people save, invest and secure their financial future.
6. How does an app like Spare8 help young India save better?
An app like Spare8 can help young India save better in several ways:
- Automatic Savings: Spare8 allows users to set up automatic savings plans where a small amount of money is automatically transferred from their bank account to their Spare8 account on a regular basis. This can help young people develop the habit of saving without having to think about it.
- Cheap and easy to use: Spare8 makes it easy and affordable for young people to start investing. Users can start investing with just ₹1 and the app is user-friendly, making it easy to navigate.
- Educational Resources: Spare8 provides educational resources, such as articles and videos, to help young people learn about personal finance and investing. This can help them make better financial decisions and plan for their financial future.
- Investing in Gold: Spare8 allows users to invest in gold, a traditional and familiar investment in India that is considered a safe haven.
- Investment Diversification: Spare8 provides opportunities for young investors to diversify their investment portfolio by investing in digital gold and other assets.
Overall, Spare8 can help young India save better by providing a convenient, low-cost and easy-to-use platform that encourages automatic savings, provides educational resources and enables investment in assets such as digital gold.
7. Tell us about the scope of microinvestment in India
The scope of microinvestment in India is significant as it can help increase savings and investment levels among the population, improve financial literacy and promote financial inclusion.
- Low rate of savings and investment: According to a report by the Reserve Bank of India (RBI), India’s savings rate is around 30%, which is low compared to other developing countries. Microinvesting apps can help increase savings rates by making it easier for people to start saving small amounts of money.
- Financial inclusion: Micro-investing apps can help increase financial inclusion by making it easier for low-income or financially illiterate people to start saving and investing.
- Education: Microinvesting apps can also provide educational resources to help people understand the basics of investing and personal finance, which can lead to better financial decision-making.
- Investment Diversification: Micro-investing apps can also provide opportunities for young investors to diversify their investment portfolio by investing in different assets such as stocks, bonds, gold and other assets.
- Digital India Initiative: The Digital India Initiative, which aims to increase digital literacy and digital infrastructure in India, has also given a boost to the micro-investment industry. With the rollout of the Unified Payments Interface (UPI), it has become easier for people to do digital transactions, making it easier for them to use micro-investment apps.
Overall, the scope of microinvestment in India is large as it can help increase savings and investment levels, improve financial literacy, promote financial inclusion and provide access to various investments to a large population.
[ad_2]
Source link