Finotrue Services Pvt. Ltd. is a premium investment firm in India which has launched FinoZen (mobile app) using which any Indian PAN Card holder can easily invest their money in an ultra-short term debt/liquid fund. While it takes multiple days to open an account with banks, with FinoZen one can just download the app from Google Play Store and start investing in as low as 3 mins. There are no additional documents required if the PAN is KYC verified, however if it’s not then they follow a completely online paperless process for KYC registering. Moreover, they also provide a functionality of instant withdrawal of investments in the bank account and one can start investing with as low as Rs. 500. So, if one have any extra cash in their bank which they don’t need it that day, invest it through FinoZen, let it grow for as long as they want and withdraw back instantly whenever needed.
What problem FinoZen solve?
Our banking and financial systems are flooded with various investment options and fraught with information asymmetry. Much as regulations try to keep consumers centre stage with various disclaimers mandated, at the end of the day investments whether long, medium or short term are anything but a smooth experience. Furthermore, consumers often end up investing only to realize much later that the growth is far lesser or the money is locked in for longer.
Finozen was launched to make the process of investing transparent, convenient and simple so that anyone and everyone can invest.
In its current avatar, Finozen aims to help users realize everyday growth on their savings – a far better option that letting money lie idle in savings accounts or locked up in Fixed Deposits .
How did the idea develop?
While Varun was chatting with his parents about whether they will use the platform, he got a straight no! They said that they don’t understand mutual fund, having lost some money in mutual funds before, they consider it to be very risky and hence chose to invest only in fixed deposits or gold!
Team realized that the problem lies in the unawareness and mistrust in mutual funds by general public, and hence they set out to eradicate this misconceptions by developing a very simple and convenient app where they give the functionality to a user to invest as low as Rs. 500 and see for himself while his money grows!
The Core Team
Varun is a graduate of IIT Madras and a serial entrepreneur. He has experienced both sides of the startup world, having failed in his 1st startup – IndiaKhelo (started to promote sports talent in India) and succeeded in the 2nd one – Decision Point Pvt. Ltd. (Big Data Analytics Service Provider). He is now onto his 3rd startup, and this time he is aiming to positively change the way Indians save and grow their money, through his mobile app – FinoZen.
Shailesh Mehta, CTO – He did B tech from IIT Bombay in 1992, and did MBA from IIM Ahmedabad in 1994. He has 20 Yrs+ Experience in Finance and Technology.
Finozen allows users to invest and withdraw anytime, anywhere. All investments are channeled to pre-selected liquid funds earning returns to the tune of ~7.5 -8.5% – much higher than Savings account. There are no lock-in periods or penalties for withdrawal unlike Fixed Deposits. Further users can start investing with as low as INR 500 and watch their money grow everyday, literally! At any point, users can see their total investments, total gains, gains made today, growth rate and past transactions. Other plus points includes:
- a) Ease of Usage and Convenience – FinoZen is the only investment platform where you can start investing in less than 3 mins.
- b) Customer Support – 9am to 9pm, Monday to Saturday, highly responsive customer support
- c) Technology – State of the art technology infrastructure, completely secured app with 128 bit encryption (bank grade security).
Finozen has currently close to 17,600 registered users who have already transacted Rs. 6.5 Cr. using FinoZen App.
Mission and Vision
FinoZen aims to be one-stop shop for all investment needs of Indians by 2021. Team strives to continue to keep their platform non-complicated and jargon free, and shall keep coming up with simple investment products for people to invest in, for ex: tax saving etc. Read more about Indian Startups.