Bengaluru startup PaisaSavvy lures young professionals with a unique way to save money

CEO - MEHUL MARAKANA, a Bengaluru-based fintech startup, has launched an innovative way to save and invest money. By offering hassle-free and lucrative investment plans, the platform motivates young professionals to start saving early on in their career.

The idea behind PaisaSavvy is simple, yet innovative and effective. A person’s salary account gets linked to the service. The user spends from his or her account, as per requirement, during the month. When the next salary gets credited, the last month’s surplus automatically gets invested in money market and equity focused funds.

Talking about the innovation, PaisaSavvy founder and CEO Mehul Marakana said, “We are delighted to offer this unique platform to assist millennials to start saving in their early 20s and achieving their financial goals. We intend to take the hassles out of the investment process and that’ll be a big motivation for them.”

“We offer several salient features that make ours an interesting proposition for our young customers. You can park your money for daily use with mutual fund that generates more return than a regular savings or fixed deposit account. Be it Rs 10 or Rs 100, the returns are deposited in your bank account on a daily basis, and not annually. You also get a recognised bank’s debit card which can be used for regular transactions and withdrawals. Moreover, we make the concept of saving money even easier by having your leftover money auto-invested at the end of every month to suitable investment instruments basis your risk appetite. And with all your investments linked with one card, you can encash your money anytime,” he adds.

“We offer a pseudo-savings account to help users save for short-term cash requirements. Also, from this account, we help them build a habit of investing in equity mutual funds for long-term goals,” added Mali Mukesh, co-founder and CTO of PaisaSavvy.

Flexibility in savings, investments and withdrawals makes this an attractive offering for young, first-time investors. The platform will soon announce various other investment tools for its customers.

About PaisaSavvy: PaisaSavvy is a Bengaluru-based fintech startup that has launched an innovative way of saving money. Specially crafted keeping in mind the needs and requirements of young professionals, the platform helps auto-invest the surplus from its user’s salary account into Mutual funds. But the liquidity remains intact. They can withdraw money per their requirement whenever they want to while earning a better rate of interest when the money remains invested. The venture is co-founded by Mehul Marakana an IT post-graduate from DA-IICT and an AMFI Certified Mutual Fund Distributor, and co-founder Mali Mukesh, a computer science graduate. 

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Neel Achary is the editor of Business News This Week. He has been covering all the business stories, economy, and corporate stories.