New Delhi [India], March 14 (ANI/SRV): Multipl, the ace smart saving app announced a plethora of women-specific options in its app to honour the spirit of Womanhood. The initiative was launched to commemorate the significance of Women's Day throughout the month. The offers mostly focus on jewellery purchase, holidaying, insurance premiums, and upskilling expenses. Women who start their smart-money journey on the app by saving for their future spending through creating goals, stand a chance to win Diamond Jewellery and rewards worth Rs 10 Lacs in March.
Jags Raghavan, the COO of Multipl, said, "ThoughMultipl's initial adopters were mostly men, we have been, for the past six months, seeing a surge in the number of women who have been using Multipl for managing their lifestyle spends. Multiple goals are being created specifically to purchase jewellery, travel, and pay for children's educational expenses. We are making, saving and investing to ensuring that no one leaves behind money when they are spending on their lifestyle. Women being natural savers and more diligent with money, in general, are a natural user-fit for the app."
Financial independence has been a significant challenge for women in India. Even though the percentage of working and independent women has increased significantly, financial know-how remains limited. Nimisha, the Marketing Head of the firm, said, "Before coming up with this launch, we interviewed multiple women across the age groups of 20 to 40. We were surprised to find that more than 60 per cent of women who have built quite a successful career for themselves have their husbands and family (mostly males) handle their finances. However, a surprisingly high number of women weren't sure about where their money has been invested." She further added, "As a woman myself, I felt that this is exactly what we wanted to address and at the soonest because if such a majority populace is being left out, then the Multipl Movement cannot be complete in the truest sense."
Multipl has been in the news for all the right reasons. From being selected as one of the top FinTech start-ups in India by a leading Indian publication to registering a record number of downloads and app usage in just four months since its public launch. Upon signing up, the user has the option to create goals of their choice. One can choose a goal for vacation, insurance premium, educational spend, buying a vehicle, home furnishing, etc. Once a goal is created, one can save for these goals either through one-time payments or a monthly auto-deduction. They can auto-invest in a set of direct mutual funds curated specifically for each user based on their individual profile, risk, and goal duration. This way, the money that would be spent in the future earns returns from the market, and one ends up making more than a meagre 3-4 per cent bank interest. Once a goal target is met, one can redeem their savings and make their purchases. At the time of purchase, they get exclusive prices from top brands such as Yatra, MakeMyTrip, Tanishq, BlueStone, Vedantu, Croma, Pepperfry, and many more. Not only this, but this app also rewards its users for saving positively for their spending.
Vikas, Chief Investment Officer at Multipl, said, "The biggest security that Multipl offers its users is that one need not worry about when and where to invest. Instead, they can focus on their lives while our Robo advisory personalizes their investments per their profile. Further, the investments are monitored continuously and re-balanced as per the market situations so that our user's capital stays safe. Also, the exclusive brand offers that app members get further adds to their savings."
Multipl's revolution is causing the right waves in the fintech sector. However, how effective it would be to promote financial literacy and independence among women remains to be seen.
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