Financial literacy app Gimi for Gen-Z launches India operations
Neowise Technologies, a fintech startup co-founded by Rohit Ramachandran and Siddarth Padmanabhan, has launched Gimi in India, a neobanking app targetted towards Gen-Z.
Neowise Technologies has partnered with Gimi AB in Sweden to market and launch the brand in India. The app is available in its freemium version, enabling parents and children to manage chores, allowances, and also deliver learning modules.
Launched in Scandinavia in 2015, the app has been developed using scientific methods in order to prepare young people aged seven and over for life’s financial challenges. It has around 1.2 million users in the European Union.
Neowise Technologies founders: Rohit Ramachandran (left) and Siddarth Padmanabhan
On the entry into the Indian market, Gimi India Co-founder and CEO Rohit Ramachandran said, “As the country rides a digital wave that has seen India become the second-largest online market in the world, home to one of the fastest-growing digital payment ecosystems in the world, and has 37 percent of its population below the age of 24, awareness around financial literacy is the need of the hour.”
Once a user downloads the Gimi app and creates an account, they can choose their role: parent or child. In the freemium version, children do not use actual money, as they are provided with a virtual piggy bank to make them understand the basics of financial literacy
Gimi India aims to launch the premium version of the app by mid-2021, which will enable all financial features such as the Gimi Card, UPI functionality, and enhanced learning modules.
Siddarth Padmanabhan, Co-Founder and CRO, Gimi India, said, “We aspire for Gimi to become a digital banking application, and to act as every Indian child’s first bank account. Through the medium of a teenager friendly smartphone application, kids will be introduced to the concept of digital payments, saving, and investing.”
Neowise Technologies was founded in August 2020, based out of Mumbai, and is focused on curating products for India’s digital natives. Gimi AB was founded in Stockholm, Sweden in 2014 by professional football player Philip Haglund.