What is MoneyFrog?
Mumbai-based MoneyFrog is an online platform, where customers can access & monitor all their investments & life goal at ease and same is supported by a central call-center, managed by qualified professionals, who talk customer’s language.
Founded by Manoj Chahar and Mushtaq Kazi, MoneyFrog was started in September 2013 and went live in March 2014.
According to the Founders, “financial planning is all about customer data collection first & analysis later. It’s never about selling products, whereas if you can recall, whether it’s an advertisement or meeting with an advisor, everyone talks about financial planning, but end of it one ends up buying an insurance policy or mutual fund or some other financial products on some basis or other… why? That is where the gap is. Through our offerings we have bridged this gap.”
It all started with founder’s personal requirement, where they wanted a “Under One Roof” kind of financial planner, an expert who could manage their finances and give them a screenshot of their financial status, at any given point of time. They also wished for a financial statement that is clutter free, easy to understand, and suited their requirements.
It is currently operational in Mumbai, Pune, Nasik, Bangalore & Delhi.
How does it work?
The startup uses technology and internet to build a proprietary model, which presents a 360 degree financial model or planning as per customer’s requirement, profile, risk & life goals. Customers can present a financial plan through an online dynamic dashboard which gives customer insight into his/her net worth, future projection, investment allocation, goal tracking with inflation, asset wise assumptions, cash flow and protection analysis. This analysis comes out through its inbuilt algorithm in the dashboard.
It offers investment tracking towards all asset class, offer tracking tool like “LifeGoal” tracking with asset flagging, created “Market Place” to view & pick latest market offerings, offered “My Post” to interact with advisors online, view “Dashboard” to see all investments under one page & many other features.
Further, customers also have an option to speak to financial advisors rather than operating this dashboard online.
Revenue Model and Monetization
The startup has a two-tier revenue model, first customers pay money to subscribe to this model, and second, through product selling (third party distribution) which is recommended based on the customer need and planning. In subscription services, it offers three categories Lite (free AC), Standard (Rs 999/AC annually) and Premium (Rs 5,999/AC annually).
Who is it competing it?
MoneyFrog is competing with other websites like MyUniverse, MyProfit, Artha Yantra, and Relationship Life Time Services.
Present Status and Future Goals?
Initially, the startup’s customers used to come from two corporate activities, at Cognizant and JLT group, where they had more than 2000 registered users. Presently, it has a registered base of 1800+ customers & 24 franchisee’s. Since last few months, it has been registering 200+ customers monthly.
The firm plans to scale 500 to 800+ customers a month in next few months, on account of its expansion with new franchisees & more locations. Also, it plans to build a network of 500+ franchisees and 2 lac+ customer mark by mid-2016.