BENGALURU: Observing the dichotomy of young India’s poor financial management habits and burning desire for aspirational purchases, Bengaluru based Fintech startup Wizely is helping the young manage money by launching India’s first saving app.
Founded in April 2018 by father and son Vijay Bobba, Nihar Bobba, and Dan Kihanya, Wizely calls itself a digital piggy bank built for the new generation of the up-and-coming India.
By bridging Fintech and Commerce, the app was founded with the simple idea of helping the up and coming Indian achieve everyday aspirations they can otherwise only dream of.
Over the past year, Wizely is making saving effortless, fun and rewarding, giving its user the feeling of joy and guilt-free achievement, through the life-cycle of the plan, save and spend.
According to the founders, Wizely emanated from the observation of young India’s poor financial management habits and their increasingly aspirational purchase behaviour.
After about a year of research, the app was launched in an
effort to make aspirations attainable and affordable by simplifying the way Indians save through easy, transparent and mobile first financial products.
“We began with the simple idea of helping our customers through the first and most important step in their financial journey - saving. By helping them build this foundation platform, we are not only helping them build trust in us but also in themselves. Further, we understand that a financial relationship built on trust and saving is the perfect recipe for a lifetime of financial well being, growth and achievement,” says co-founder of Wizely, Nihar Bobba.
Wizely presently has over four lakh signed up users and their target audience is primarily 18-30 year olds.
They have several streams of revenue whenever customers choose to spend their savings through Wizely upon reaching their goals.
However, Nihar says that they are going after a much larger long-term play that has multiple sources of revenue over time.
Revealing their USP, Nihar said, “Our USP is all about helping our users kick start their savings journey during the early stages of their financial journey. Our loyal users are those who may have a squeezed income, fixed budget, erratic income or are always overspending. For these users, their challenge is not with growing their money but instead saving enough money before they can think about other long term financial goals.”
Talking about the challenges he faced while establishing this start-up, 24-year-old Nihar said, “The key to being successful when building a startup is to appreciate and understand that you will face challenges of some sort every single day. Whether it is hiring, customer challenges, partner challenges. As long as you can keep your head out of the weeds and focus on the bigger picture you will be fine. Fintech has its own unique challenges that crop up from time to time but overall the ecosystem in India right now is ripe and conducive for the sector."
Wizely has raised about $2.65 million so far through a seed round led by Javelin Venture Partners.
“We are now strengthening to evolve into a full-fledged savings bank account that will serve as the foundation for our users to not only achieve their short term savings goals but any financial goalor need that they may have,” said Nihar sharing their future plans.