New Delhi : FinMapp, the next-generation financial advisor and a one-stop marketplace for all financial products, today announced the launch of its mobile app. The app will provide free unbiased recommendations to match the ideal product. The company invested USD 0.5 million in FY 21-22 for the app development and will further invest USD 2.0 Million in FY 22-23. FinMapp going forward will offer app in 4 different languages — Hindi, Tamil, Telugu & Kannada.
For masses, decoding the complex world of financial products is a challenge; also accessing this financial product is not organized as there are multiple apps offering these services individually. “There is a dire need for a unified platform that understands the financial needs of the general consumers and helps them avail both an asset and liabilities-based financial products all under one umbrella. We feel the financial life of every individual needs to be planned and managed well to give them a clear vision of what their net worth looks like and what needs to be done to keep it growing.” says Mr. Kumar Binit.
The company would soon raise seed funding to further fuel its aggressive expansion plan. The newly launched mobile app aims to bring seamless real-time processing and portfolio tracking. “We partner with the best in the BFSI industry to bring you the best and the most reliable options to choose from. At the core, our vision is to provide users with reliable, verified, and secure financial infrastructure while ensuring their safety and privacy,” said Kumar Binit, Co-Founder and CEO, FinMapp.
The company aims to address the partial lack of information about financial products among general consumers regarding the product they should invest in or from which secure and safe financial institution they should borrow funds. We would also want to solve the issue of the high cost of sound financial advice and limited market access for small savers.”
Talking about the expansion plans, Mr. Kumar Binit, Co-Founder and CEO said, “We would include more products in our kitty on the lending side and investment options. The options for SME lending, working capital loans for SMEs, education loans, gold loans, credit cards are a few of the products that we are planning to launch this year on the lending side. On the investment side, we are looking at adding products such as NPS, fixed deposits, bonds, commodity trading, currency trading, crypto trading, portfolio management service, and building our own UPI for payment services. Subsequently, from the tech perspective, we are looking to further strengthen our product recommendation engine by empowering it with AI & Deep learning-based automated models, which will closely map the user persona, to offer services that are right for them. We are introducing Blockchain to store verifiable user information and process it securely, for the purity and sanity of the data/transactions will also be used.
The company is looking to create a digital financial eco-system for the common users and partner banks/financial institutions. “For the common users, we would act as a financial planner by recommending and advising on every aspect of his requirement till his retirement. For banks and financial institutions, we would provide paid services which they currently outsource and provide them these services digitally like Ekyc, plug & Play LOS/LMS system, all kinds of verifications, legal and valuation support including collections but providing all the above services digitally,” said Mr. Kumar Binit.