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There are multiple financial decisions that one makes in a day, be it a minor or major transaction. But, in order to make an optimal decision, it is important to consider all the factors regarding it like future prospects, current budget, income, expenses etc. Here, comes the role of FIGG!
Figg brings all the material data to one place automatically and helps users understand the impact of their financial decisions. In simple words, FIGG analyses the finances and expenses of users and then makes suggestions on how to go about it. Is attempts to answer questions like - Whether to buy a certain product, say, TV? or How optimal is this investment based on future plans?
StartupTalky interviewed Sachin Gupta, the founder of Figg, to know the Journey of Figg and how it is going help people make better financial decisions. Also get a glance on Figg Business model, startup idea, Figg App features, founder and more...
Figg - Company Highlights
| Startup Name | Figg |
|---|---|
| Founders | Sachin Gupta |
| Founding Year | 2017 |
| Headquarter | Hyderabad |
| Sector | Fintech |
| Parent Organization | Finoramic Inc |
About Figg and How it Works
Figg App - Major Features
Figg - Founder and Team
Figg - Ideation and Startup Journey
Figg- Target Market
Figg - Business Model and Revenue Model
Figg - Funding
Figg - Competitors
Figg - Future Plans
Figg - FAQS
About Figg and How it Works
Figg helps users make better financial decisions. The Figg App is available on android only. However, the team is planning to launch the iOS version soon and later a web application.
If you think about it, most of the financial advice available on the internet is quite generic in nature. FIGG also helps users by providing personalized advice based on their financial situation without much effort from users - Says Sachin Gupta, Founder, Figg
Figg team has built its own in-house Neuro Linguistic Programming (NLP)/ ML engine to process financial transactions and statements. The NLP engine extracts useful financial information from text without explicitly being aware of the source. Figg collects financial information by analyzing the transaction statements received by the user via SMS or emails. It uses machine learning (ML) algorithms to analyze the data and makes suggestions to the user for better financial decisions.
Figg is monitored by Google for security and data leak concerns. The Figg app has also undertaken a security review with Bishop Fox, a US-based security firm.
“We follow all best practices - from strong passwords for the system to encryption of the sensitive data. All the data is kept encrypted at rest" Sachin says
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Figg App - Major Features
Impact Calculator and Affordability Calculator are the main features offered by Figg.
Impact Calculator & Affordability Calculator: Using this feature any user can check how making certain financial decisions will impact their financial well-being. For example, if a youngster with limited financial resources buys an iPhone, this might impact their monthly commitments as well. However, for a person with a high salary, buying an iPhone won’t even make any difference other than fewer investments during the period. These features help people make informed decisions.
Another important feature of Figg is the simplified score to represent users’ financial health. Finance is complex and has different aspects (savings, investments, loans, credits, expenses, etc.). It is quite difficult to track and understand the impact of different aspects for a user. Figg has built a proprietary score to represent user financial health.
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Figg - Founder and Team
Sachin Gupta is the CEO and Founder of Figg.
Sachin is an engineer by profession and holds MS in AI/ML from IIIT Hyderabad. He has experience in building large scale systems in AI and ML. Before starting FIGG, he worked at Google in the Fintech domain, catching fraud financial transactions. Sachin began his career with Rediff.com working directly with Ajit Balakrishnan.
Currently, Figg has a team of 9 and headquartered in Hyderabad. The team is a mix of people from technical and non-technical background. Sachin Gupta (Founder of FIGG) works from California, while his team from Hyderabad.
Figg - Ideation and Startup Journey
Finoramic initially was a B2B player and was associated with other fintech companies. However, the company realized that the platform’s capabilities were not utilized at best & all noticed that slow adoption. Therefore, Finoramic pulled out B2B and introduced B2C as Figg App.
From Sachin's personal experience, he noted that making financial decisions is quite difficult given the complex financial landscape. Most of the time, users keep delaying financial decisions or keep money at the wrong places or take advice from the wrong people.
Sachin realized that there were many apps that made it very easy to invest in shares or mutual funds, but there wasn't any player in the market, who could give the user a comprehensive financial view and help in everyday financial decisions.
Questions like - Should I buy an iPhone or an Android? Will going on a Europe trip right now affect my future finances? These are simple questions but important to one's financial well being or health
"However, the major eureka moment happened when a bank agent sold my 60-year-old mother a ULIP policy. My mother didn't need an insurance policy at this age, as she is financially sound and there weren't any liabilities" recalls Sachin (Founder & CEO, Figg)
Figg was launched recently in September 2020. It currently has a user base of over 20,000. The Figg team started working on the platform in 2017. Their initial focus was to build the backbone of the platform. At the end of 2019, the team started to build a consumer app, Figg.
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Figg- Target Market
Figg is mainly targeting Millennials and Gen Z.
Sachin (The founder & CEO of Figg) believes that although millennials and Gen Z people are digitally savvy, they've got limited financial understanding. Moreover, There is no personal connections for financial advice in the city lived by most of them. Keeping all things aside, Digital Savvy group is a good user base for Figg Application.
Figg - Business Model and Revenue Model
Figg app was launched in September 2020 and is currently not generating revenue. As the app would gain momentum and records more users, the company will go for a freemium model. That is, users will be charged between Rs 30 to 50 for value-added services.
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Figg - Funding
Finoramic (Figg's parent company) has raised two rounds of seed funding from angel investors. (The startup didn't reveal financial and investor details)
Figg - Competitors
Figg's top competitors are Mint, Spendee, Expensify, and Pocket Expense, among others. Though the competitors' apps are similar, there exists a minute difference. While other apps focus on better money management, Figg also analyzes and helps users understand the future impact of their decisions.
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Figg - Future Plans
Figg's goal is to have 100,000 users by year end 2021. In the long term, it wants to become the default financial advisor for anyone seeking financial advice.
Figg - FAQS
What is Figg?
Figg helps users make better financial decisions. The Figg App is available on android only. Figg analyses the finances and expenses of users and then makes suggestions on how to go about it.
Who is the founder of Figg?
Sachin Gupta is the CEO and Founder of Figg
Is Figg Free?
The company will go for a freemium model. That is, users will be charged between Rs 30 to 50 for value-added services. But the basic features, will be for free.
When was Figg founded?
Figg was founded in 2017 and launched in September 2020.
Author: Jeenal Jain
Source : https://startuptalky.com/figg-success-story/
Date : 2021-04-06T13:09:13.000Z