FinTech Startup of the Week: Hektor

FinTech Startup of the Week: Hektor

24-Jun-2016 by Hilda Low

Do you know that 93% of millennials* in Southeast Asia doubt their ability to save money effectively? More shocking is that 35% of millennials have 0 dollars in their bank account!

In comes a quirky moustache character called Hektor! Inspired by the greatest warrior of Troy in Greek mythology, Hektor was created to fight any savings insecurities.

This is the brainchild of 2 brothers from Brown & Cambridge Universities. Let’s catch up with an ex-national tennis player and co-founder of Hektor, Vidur Malik!

 

1) Describe Hektor the way you would pitch it to your target audience, the millennials.

Think of Betty White vs Kanye West, an analogy for old-school and new-school. The previous generation often value object more than experience, and generally save up for a long time to reach their saving goals. Our generation look at money differently; we are investing in ourselves more, travelling more, and saving money has taken a backseat. But saving is still important to us! Therefore, let me introduce Hektor. He is like your personal savings manager, identifying saving opportunities and saving for you everyday. It is hassle-free, simple and fun.

2) What inspired the team to start this Fintech startup?

I would love to share a cool and unique story about the genesis of Hektor. Unfortunately, it is a pretty familiar one. It started off as a personal itch that we wanted to scratch, and we found that tying it to specific activities really helped. I was inspired by the “swear jar” concept; every time you swear, you have to put money into a jar. Pretty soon, you will save up a decent sum of money! Imagine if we could extend this metaphor to everything, and make it digital; that’s exactly what Hektor is doing. I find this concept extremely powerful in overcoming the inertia of saving money.

3) There are other saving Apps in the market. What makes Hektor different?

Other savings applications in the market adopt a one-size-fits-all solution. However, we think that saving is very personal, and our highly customisable rules-based engine tailors itself to your particular lifestyle, and saves for you accordingly. We have also developed algorithms that automate these savings, which is a feature that is lacking yet demanded in many other applications out there.

4) What are your upcoming plans for Hektor?

We have an ambitious roadmap ahead of us. To begin with, we want to save $1 million dollars for our users. Moving forward, we will strengthen our value proposition via the introduction of the Hektor debit card. The Hektor debit card will make it super easy to manage expenditure and savings as it will allow tracking and planning. On our end, can analyse the transactional data from the debit cards and build users’ spending patterns, correlate those with their saving patterns, and identify gaps. The end goal is for Hektor to become the one place users will go to for all their personal finance needs.

5) Less than 3 weeks to Demo Day, how are you getting ready for it?

We are consolidating feedback from Hektor’s existing users, applying the final touches to our mobile app and getting ready to launch that into beta on Monday! Meanwhile, we are also working on making our pitch deck look sexy and practicing hard for the 5 minute pitches. A lot more work than you’d imagine that goes into preparing for such an event!

6) Name one celebrity you think should use Hektor.

I don’t know f he qualifies as a celebrity anymore, but Donald Trump. He and his different corporate entities have filed for bankruptcy 4 times! The man could really use a better way to save money.

7) So you and your brother, Varun heads Hektor. What is it like working together?

It is actually a lot of fun. Doing business with a family member can be hazardous, but it has worked out well for us. We trust each other with everything, no questions asked, which is a huge plus for us as a founding team. In general, we are both pretty low maintenance, so conflicts are rare. However, when conflicts do arise, we go back to our vision for Hektor – How can we best help people to save money?

 

Hektor is revving up their engines to make their entrance. Keep up-to-date with their Facebook & Twitter. Also, experience first-hand if Hektor can be your warrior in budgeting – Sign up for Beta here!

 

Catch up on Startupbootcamp FinTech Singapore’s #StartupOfTheWeek series here:

 

*HSBC Study