fintech startup Multipl changes saving money game
- ByStartupStory | December 29, 2021
Paddy Raghavan, Co-founder and CEO of Multipl, an online fintech platform believes there’s a way to be smarter about savings. Instead of the ‘buy now, pay later’ model, he suggests the “plan now, pay smarter” route.
Essentially, Multipl allows users to save money for foreseeable spends such as weddings, jewellery, home furnishings, vacation, etc, but instead of locking it up in a savings account, or even a fixed deposit that might not net them substantially in returns, it invests it in the stock market.
Multipl claims people saving with the startup get up to 5X more value for money. The startup not only helps users invest in mutual funds and other financial instruments on the app, but also directly with the companies associated with their potential spends. For example, if one were saving for a vacation, they could park their money with a Yatra.com, which, in turn, awards the users with travel vouchers and deep discounts. To get started, one simply sets up a profile on the app and plugs in their bank details for auto-debits.
Users are given the option to either invest in a permutation-combination of mutual funds or financial instruments, or park their money with a brand that is associated with what they’re saving up for. Multipl has partnered with companies such as Ather, Vedantu, WakeFit, and Pepperfry, among several others, to enable its brand engagement savings product.
Every time a user successfully adds to their savings, Multipl rewards them with MBit coins — digital coins the startup issues users — that can be redeemed for rewards from over 200 brands, including Amazon, Myntra, Jio-Saavn, etc.
The Bengaluru-headquartered startup does not take a cut from the money its users save and invest in financial instruments, nor does it earn any commission from the mutual fund issuers. Instead, if a user opts to park their money directly with a brand, Multipl takes a cut of the revenue the brand earns.
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