More often than not, most of us are left wondering where did the money flow at the end of every month? Not everyone is a natural when it comes to managing expenses, especially now when the payment methodology has expanded from just cash and cards to mobile wallets. In order to address these common everyday concerns, Delhi based Prashant Parikh has created Faayda.com, a personalized financial app, which will help a user manage and track his/her expenses end to end.
What problems is it solving?
Faayda.com helps its user to master their money, manage their budgets, bills, and much more. It is a personalised financial online service which helps a user create budgets and plan for your financial future. The application also provides tips on saving money and “making money work for you even while you sleep” claims the website. It also makes investments easy for the users, helps shortlist Mutual Funds to invest in and even assists the users to avail a loan at the best interest rates.
Its key services and features:
Apart from managing the expenses, the application will also act as a smart financial assistant that will give the user suggestions on saving money after studying the user’s spending behaviour. A few more of the app’s features would be revealed on the launch date.
The app is highly secure and safe as it uses security system similar to those of banks with a 256-bit encryption code for security.
The company has received significant number of responses from people and a lot of signups to know about the launch of the service. Currently bootstrapped, the startup is looking out to raise funds.
Initially, the app will be available for free. Later on, some of the premium features will be integrated with the application.
Talking about the market opportunity and size, Prashant Parikh says, “Financial services in India is a multi billion dollar industry and financial technology companies have a huge opportunity to capitalise on this.” Further talking about his venture he quoted, “I want faayda.com to stand for financial services like naukri.com is for jobs and shaadi.com is for matrimony. When someone thinks about money, mutual funds, insurance etc, I want them to think of faayda.com.”
The app, because of its offerings, will certainly have a lot of takers. Also since it’s empowering people to easily track their money through a simplistic clean UI, it might just fulfill the goal it is being made for.
Presently, the app startup is in its pre-launch stage. The website is ready and people can subscribe to avail its services. The Android versions of the app will be launched soon. To get on the early users list, signup here.
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