The majority of millennials are avoiding the stock market for which they are frequently criticized. Why does that happen? Young people feel as if they don’t have enough money to invest or they simply don’t know how to do it. They can’t relate to the established image of an investor who has a steady income, a start capital as well as financial expertise. On the other hand, banks and financial institutions are also struggling with engaging millennial customers. Most of the existing investment solutions do not suit the needs and wants of young people.
Spendolater from our FinTech & CyberSecurity 2017 accelerator class are here to make investing simple and accessible for millennials. They are in the process of developing an app that would help users start investing without making difficult financial decisions. We sat down to have a chat with the Spendolater team to find out more about their product and their plans for the future.
How exactly does Spendolater work?
Spendolater helps banks, insurances and investment funds engage with millennials with sensible investments. At the same time, we help millennials start investing without a start capital as it can be a barrier for many young users. With our app, millennials don’t need to make investment decisions by themselves and can just live their lives while Spendolater takes care of their finances in the background.
To start using Spendolater, the user needs to download the app and connect it to their bank accounts. Whenever the user makes a new transaction, 2%-20% of this transaction will be moved from their bank account to their investment account. This money is then invested in appropriate, low-cost Mutual Funds funds, and the user gets updated on the value of their portfolio and the progress of reaching their investment goal. They can withdraw the money at any time.
What are your accelerator experiences so far?
Startupbootcamp has changed the way we look at B2B sales. It is hard to imagine what it would be like to go through the standard process and cold leads. Here, at Startupbootcamp, where we work side by side with other companies, we have an opportunity to get guidance and insights directly from our potential customers. We can chat about their organization, get insider tips, and learn how to speak to people. At the end of the day, it is all about people, especially in B2B sales.
The whole accelerator experience is just great. The Startupbootcamp team is amazing, and we don’t know how they manage to do it all. The mentors are very supportive. Even if we haven’t selected someone as our lead mentor, they are still reaching out and suggesting their help. Entrepreneurs and Intrapreneurs in Residence are also very supportive. We hope to stay in touch with all of these guys after the program.
Demo Day is only a few weeks away. What do you expect from this event?
Demo Day is a perfect opportunity to meet a lot of people from the FinTech industry and receive their valuable feedback. We are looking forward to it!
What are you planning to do after the accelerator program?
We plan to stay in Amsterdam after Demo Day and even bring some of our other team members here. First of all, to us, Amsterdam is the best European city place to live and work in. Second of all, we want to keep the connections with mentors and customers with whom we plan to work on pilots. Our co-founder is in Singapore, and we love the US because things are moving really fast there; so these destinations are also on our map.
Want to know more about Spendolater? Check out their website.
More startups in the Startup of the Week blog series are:
- How Budgently helps us make better financial decisions
- How Flymble improves our traveling experience
- How Milestone advances the peer-to-peer lending industry
- How Encedo helps companies get their privacy back
- How POM takes care of your invoices
- How SeedWise.Capital creates the digital future of money
- How Schluss empowers you to take control over your online data