Schools in India seldom discuss topics such as personal finance and money management, and few households in the country place a significant emphasis on providing financial education to children. The budget process within these households is often limited to income and expense planning. The importance of expense tracking for financial independence is frequently underestimated, and our methods of tracking expenses are sporadic and manual. A large number of people in India remain unaware of tax savings options, schemes, and investment possibilities.
The greatest threat to personal finance in the country is the habit of taking loans and using credit cards without conducting a systematic analysis of the impact repayments will have on monthly cash flow. These factors make it challenging for Indians to manage their finances effectively and secure their financial goals.
Amit, Sumit, and Mubarak aimed to address this issue by developing an app like Floatr. Floatr is a dedicated personal finance app designed to help you manage your expenses and achieve your financial goals.
The founders of Floatr shared a common vision: to create a user-friendly, simplistic product that simplifies money management for all age groups, not just millennials and Gen-Zs.
This app assists you in three ways:
- To keep your finances under control, it’s crucial to track your spending regularly. Floatr assists with budget control by tracking your finances for you, highlighting areas where you may be overspending. It helps you manage your financial goals, set up a budget, create time-bound goals, allocate funds to your goals, and save your money intelligently.
- Floatr not only helps you save more, but it also provides a diversified investment platform. This can help grow your wealth and generate inflation-beating returns on your investments. Within Floatr, users can invest in Digital Gold, Mutual Funds, equity baskets through smallcase, high return AAA-rated Fixed Deposits, and the National Pension System (NPS).
- One of the primary benefits of managing your finances and maintaining substantial savings is having access to funds when you need them most, such as during a medical emergency. All short-, mid-, and long-term goals should be backed by adequate life and health insurance to prevent bankruptcy.
Moreover, users can also file income tax returns and pay utility bills via Floatr. What sets Floatr apart from its competitors is its ability to:
● Track and control expenses
● Grow wealth through diversified investments
● Secure financial goals
The team at Floatr is composed of dedicated and experienced individuals. Amit HL, the head of the Floatr Product team, began his career as a chip designer but always had a keen interest in finance. His passion for finance and desire to address the nation’s financial management issues led to the creation of Floatr. He envisioned a simple and user-friendly product that would make tracking expenses, investing, paying tax returns, and other essential aspects of personal finance easy for users.
Mubarak, who leads the Growth team at Floatr, confessed that he had taken financial planning lightly for the first 20 years of his career. His realization of the importance of finance management inspired him to develop Floatr. He aims to simplify personal finance management for many young people in the country who believe finance isn’t their forte.
Sumit, the head of technology at Floatr, stresses the importance of trust-building when offering a product or service related to finance or money management. With Floatr, he strived to create a platform that users can trust and recommend to their peers.
Prominent entrepreneurs and industry leaders who believe in the vision of Floatr have invested in the recently closed seed round. These include Mukesh Bansal & Bishnu Hazari (CULT.fit), Sanjay Dhawan (Ex-PWC), PK Mishra (Sattva group), Nealesh Dalal (JD group of institutions), Abhishek Goenka (Aeka advisors), and Vishal Narula (Alvarez & Marshal).
The Floatr mobile app is gradually building a dedicated user base and has already garnered nearly 50,000+ downloads.
