An unprecedented rise of global opportunities has made traditional modes of budget management and saving redundant. Today, it has become all the more pertinent for individuals to make their pay cheques last longer. Money management has become an important aspect of an individual's financial IQ. Faayda is one such money management platform that aims to not only aid individuals save and make money but also claims to bring in a holistic approach to financial growth on a long term basis.
According to Prashant Parikh, the Founder of Faayda, most people today are aware that money management is the basis of financial well-being. However, he says that not everyone has the skill or the time to manage money the right way. Therefore, to help everyone save and grow their money, he believes it is important to automate the financial and money management system.
From a job aggregator to a money management platform
Initially, Faayda was a platform for job aggregators, however, Prashant thought the name and the platform would be more lucrative and helpful as a financial and money management platform. According to Prashant, the space of money management is getting its due with growing income and job opportunities.
Faayda was started by Prashant with the idea to bring in an easy financial advisory system for everyone. "Financial advisory has always been for the people with money to spare what about people who want to save money?" asks Prashant. Faayda is currently targeting the 'great middle class of India' as Prashant puts it. He further adds that this segment of the Indian population is growing at a phenomenal speed and they are the ones who can benefit the most from the startup.
"It is the need of the hour to manage your income and expenses so that you can make the right decisions for your financial future. There are a few platforms out there in the money management space but what we intend to do goes beyond just management," adds Prashant. Faayda currently is a bootstrapped venture.
How does the platform work?
Faayda aims to make every individual their own financial expert. Once an individual registers onthe platform and app, the team gets in touch. They give the individual a clear view of their financial health - current spending, budgeting, and customised investment tips. Apart from this, the platform also provides alerts for bill payments. The platform also offers free checks on the individual’s credit health.
Faayda will be launching their free app in a month, after which they will be following a free and premium-based subscription and revenue model. Currently, the web platform has seen a 15 to 20 per cent conversion in terms of sign ups of people who would like to try out the platform and the services. "We will be relying heavily on big data to help automate a lot of problem-solving features which would be implemented in the months to come," adds Prashant.
Overview of the money management space
With the world becoming a 'smarter' space, the financial world is catching up faster than ever before. The question whether your income covers all the growing demands and expenses is in fact a burning one. Ironically, some of portion of that income does go in towards the 'smarter' world we live in. However, today the app world is replete with options that make money management and spending easier.
In the free app globally there are several segments like Mint, Google Wallet, Square Cash, Dollarbird and many more. Mint allows people to automatically track all savings accounts, checking accounts and credit cards in one central location. There also is Wallet, which is a personal finance data evidence in your pocket. It again helps one easily track and analyse expenses and even plan spendings. So far Wallet has had over 5,00,000 downloads and the in app purchases range from INR 144.26 to INR 6743.20.