The Full Financial Ecosystem Within One App FinMapp is a unified platform that understands the financial health of general consumers and works towards its planning: Kumar Binit
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
After working over two decades in the finance sector, Kumar Binit, CEO and Co-founder, FinMapp, realized something lagging in the approach of an average Indian towards financial planning. "When I started my career, although I was working in a bank, I didn't exactly know how impactful and necessary the management of my personal financial health is for a long term. The issue I had continues to exist for many, as a large section of even our well-educated population remains clueless when it comes to figuring out how to go about managing their financial health," he adds. Propelled by this idea, Kumar Binit, along with his co-founders, started the development of FinMapp in December 2020.
What FinMapp does is help, guide, and advice the app users about their financial health, irrespective of what stage of career they are at and their financial status. These recommendations and guidance are based on data-driven algorithms which help them recommend actions to users. "We don't force users to take our choice, just give recommendations based on their persona, risk profile, and portfolio assessments of the user. It's a Unified platform that understands the financial health of general consumers and works towards its planning. Also, the app is free to use," Binit explains. Although there are many mobile apps target specific sub sectors of the fintech industry, helping you with investments in specific financial products, there isn't any which combines all the sub-sectors of the fintech industry and all the financial products on one platform.
"Fintech industry can be divided into four sub-sectors: Insurance tech- which concerns with an insurance product, wealth tech- which is subjected to investments, Lending tech- for Loans, and digital payment services. With FinMapp, our aim is to combine and present all these sub-sectors to the user in one app," Binit explains.
While Binit's FinMapp offers a lucrative solution to many, it competes against the financial advisors and consultants already set up in the market. Explaining how FinMapp compares with the traditional route a person might take while thinking of a financial product, he said that FinMapp's free unbiased recommendations and advisory services based on an AI assessment of the user gives them the edge. "Although financial consultants hold a dominant position in the market, especially to the elite and affluent customers, few can afford that. People belonging to the lower and middle income Group can't necessarily afford them. What do these people do? For most, they basically trust their instincts or advice from trusted ones. When things turn south, they blame the people who made the advice. That's where we come into the picture," he details. The app was launched in Jan'2022, as it took FinMapp's team about 11 months to develop and incorporate all the features in the app, which still continue to do so.
Binit claims that the company started generating revenue from Day one. Their business model is commissions based on financial products purchased by users. "We have partnered with banks and other financial institutions. These partners get customers based on our advice and recommendations," he adds. Moving forth, the app will see additions of services like NPS, fixed deposits,
cryptocurrencies, motor, health, and life insurance, corporate bonds, and more value-added services for the users within this year. Their long-term vision is to create an ecosystem where FinMapp could cater to their banks and financial partners by providing them digital services so that their business grows along with the services that they are already providing to our users. "We want to create a full financial ecosystem within the app itself," Binit explains. The company is planning to hit the market for seed funding in July 2022.
