How this Startup is Simplifying Financial Investment process for a common man.
26th, May 2018 - FinTech
WealthApp- a life Simplifying Friend
“It is comprehended while good quality and timely financial advice is readily available to the wealthy people; it is seldom the case with rest of Indians. Middle class people are the victim of bad financial advices and lose the hope in investing in financial instruments” said by Mr. Gaurav, Co-founder of WealthApp. When many middle class families research for better financial advisor as their partner, Mr. Gaurav and his team created a platform to help and guide people to take a better financial investment decisions.
We, Startupsjourney interviewed the Team WealthApp and the response is published here:
SJ: Can you please describe the WealthApp Team’s back ground?
Gaurav: I was a private banker at Citibank before co-founding my first company, Credence Family Office. With over a decade’s experience in managing client portfolios and building high net-worth client books, I’m now putting my experience to use in building WealthApp as a digital financial advisor of repute to serve the middle India.
Subba was a founding global Partner, investment committee member and part of the leadership team in India at the $5 billion private equity firm Actis. During his stint of 16 years, a number of investments such as Daksh, Niligirs, Axis Bank Glenmark, GRO, SIFY were made in technology, financial services and FMCG sectors. He also lived and invested in North Virginia USA for 3 years.
Sanjay has close to two decades of experience in the private banking and wealth management space - a highly demanding role in which he excelled. Before establishing Credence Family Office, he held high performance roles in Citibank and JM Morgan Stanley to oversee investment advisory and relationship management for high net worth clients.
Mitesh has over a decades’ experience in private banking and has earlier held senior positions with Citibank and HSBC with a focus on developing investment strategies for HNI clients. He is the co-founder of Credence Family Office, one of the premier multi-family offices in India.
SJ: Please share your Ah! Moment conceptualized your venture’s journey.
Gaurav: During the course of our careers, we understood that while good quality and timely financial advice is readily available to the wealthy people, it is seldom the case with the rest of Indians. While we would often advise people on their monies irrespective of the financial quantum they commanded, the idea of taking such advice to a larger audience in a scalable manner was always a point of deliberation. We did some dip sticks with the target market to understand the challenges being faced by people in seeking out such advisory and clearly identified the pain points. Understanding these helped us lay out the cornerstones of the solution that we envisaged. These were to build access to high quality and relevant advice, deeply integrate the use of technology to build a scalable delivery model, build data frameworks to maintain context/relevance of advice, and ensure simplicity and convenience of use. Next, we identified use cases and did feasibility check by writing algorithms for each of these. Encouraged by the outcomes, we went on to build WealthApp as you see it today. A lot more needs to be done and building/improvising the platform/brand will remain work-in-progress in times to come.
SJ: Tell us your entrepreneurial journey.
Gaurav: The journey has been exhilarating, to say the least. We have gone through the thrill of meeting with success and celebrations that follow. That said, there have been times when things didn’t turn out as we wanted and we were faced with disappointment. All of these moments have taught us a lot and have brought us closer as a strongly knit team. At the end of it all, the satisfaction that we draw when a customer compliments or thanks us drives us to do more and create a larger impact.
SJ: What is WealthApp? How does it work and help people to take better Financial Decision?
Gaurav: We are a digital financial advice company. At the moment, we offer algorithm driven automated investment advisory to our customers so they can achieve their financial aspirations in a guided manner. Further, we have developed a unique automated savings product in SPRINT that helps you achieve your savings targets – which is the first step to fulfilling any financial aspiration.
We are present on the web and mobile (android & iOS) and are fully technology enabled. Our customized financial dashboards offer a bird’s eye view of how one is doing with their money and the customer has the option to drill down into in-depth reports and insights. Our customers have often recognized the ease of using our app in terms of setting up their accounts in a fully paperless manner and transacting digitally.
SJ: The top leadership team is very strong at WealthApp, but what are the challenges you have faced and how did your over come from it?
Gaurav Of course, there were innumerable challenges. I will take up one of the most critical ones here – building the right team. When you start building a company, you identify skill sets you carry within the founding team and then begin to look out for initial team members with complimentary attributes. You meet many people but it is important at this stage to recognize potential team mates who share your vision and passion to achieve - who, you think will go the whole hog with you in this journey. Usually, this requires multiple rounds of conversations to assess, and one needs to be patient in picking the best fits because it is impossible to build a successful company without the right team.
SJ: We would like to know, have you risen any funding from External sources? What is the initial source of capital for your newly formed venture?
Gaurav We were bootstrapped until late 2016 when we raised a round of monies from angel investors. Our key investors include Jayant Davar (of Sandhar Technoligies), Venk Krishnan (of Nuventures), MJ Aravind (ex Daksh), Vikram Kotak (ex Birla Sunlife) and Ramkumar Nishtala (of Vistaar Finance).
SJ: Fin-tech sector is crowded by many players at this moment. How do you see the competition and what kindly of strategies you have adopted to oversee the competition?
Gaurav: The boom in fin-tech, and especially in our space of personal finance management, has helped speed up awareness amongst the target audience. The consumer is now becoming more aware of the many options available to them to manage their monies efficiently, thereby causing a shift from traditional assets such as real estate and gold. Further, healthy competition does bring in more focus on innovation to serve the customers’ needs. Most players have their own approach and we constantly keep abreast of what is happening in the industry to ensure we stay ahead.
SJ: What are your future plans and where do you see yourself and your venture’s growth?
Gaurav: Currently, the automated investment service and SPRINT are our key offerings. We offer our customers highly customized mutual fund portfolios as a means of growing their monies and achieving their financial goals.
Our roadmap is to add more services that are part of an individual’s financial life and expand our customer base across 10000+ cities in India. This will entail addition of products such as insurance, NPS and fixed deposits. Further, we are looking to add certain premium and subscription based services that can be opted-in by the customer, should their situation so demand. Deployment of deep-analytics frameworks to make our advice even more contextual is on the cards.
Entrepreneurship Quote by Mr. Gaurav
“Entrepreneurship is not just about the successes and the glory. Building a company requires a lot of work that at times may border on the side of being boring. Be prepared to do it if you want to give it a fair shot at building an enterprise”.
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