Deciml is a micro-investment and micro-savings app that enables young Indians to auto-invest their spare cash (as low as 1/- Rupee) from online transactions into mutual funds or fixed income funds. India’s first and only app offering mutual fund micro investment options is based in Pune, the company was founded in 2020 by CFA Level 2 and experienced entrepreneur Satyajeet Kunjeer.
Being a socially responsible brand Deciml understands the importance of starting early and thus making young India’s entry into the investment ecosystem as easy as possible. Add at least 1% more youth to the targeted investment path and boost India’s current investment penetration of 3.5%. Not just getting started, the app’s additional features like daily/weekly investments help stay consistent. MR. Satyajeet Kunjeer, Founder and CEO, Deciml share more insight on the same.
- What do you mean by rounding investment? Who is its target audience?
Round-up investments allow you to invest your extra money from online transactions. For example, if someone buys groceries worth Rs 495 through UPI, the app will round it up to the next 10, which is 500 in this case, and invest the spare digital change of Rs 5 on your behalf.
Round-up investments can be a beneficial investment tool for investors of all ages, but especially for young adults between the ages of 18-25, who are just starting to earn money.
In this information age, young adults are well aware of the various benefits of investing, but they don’t know where and how to start. Also, they don’t want to invest too much of their savings. By investing via round-ups, they can start early and start small.
- Take us through a customer’s journey on the app
The basic mechanism of Deciml involves rounding up online transactions and investing spare money. This automated process consists of two parts: rounding and actual investment.
For rounding – When users receive transaction SMS from their respective banks, Deciml retrieves the exact amount spent. It rounds it up to the next 10, or multiple of 10, as determined by the user. To continue, the user must give SMS viewing permission at the beginning, and no other SMS is read beyond these transactional ones.
For debit and investment – ‘Users set up an AutoPay mandate with Deciml’
With a mandate of this nature, Deciml is able to charge the amount to be invested immediately, without asking for further information from the user. Moreover, the user also needs to undergo a simple KYC (Know Your Customer) process as mandated by the Reserve Bank of India for all Indian investors.
- How and where is the money collected actually invested?
Users can choose to invest their money in mutual funds or fixed income options.
- What are the company’s immediate and long-term plans?
We will soon launch the Deciml app in the Apple Store, and with this Deciml will be the first micro-investing platform on iOS.
With a comprehensive range of investment and financial services tailored to the needs of our users, we aim to become an all-in-one financial destination for young Indians over the next five years.
- From a technical perspective, HR has developed drastically in recent years, where are we going from here?
Over the last couple of years, data has become the most valuable resource for any business,
And technologies such as advanced data analytics, artificial intelligence and machine learning have been leveraged more and more to access, control and evaluate such raw data, thereby helping us better understand human behavior and human psychology.
The creation of India Stack has played an important role in transforming the financial industry from Aadhar for digital identification to Digi locker/eKYC for paperless verification and UPI for interoperable payments.
Also, financial data that is centralized and fully controlled by the user’s consent makes Account Aggregator a game changer for the financial industry as well.
- Tell us about the technology stack your platform uses
We have implemented a robust technology mechanism, including e-KYC and AutoPay built on top of UPI 2.0, to ensure that customer onboarding is completely seamless. Furthermore, we have used 256-bit AES encryption (bank-grade encryption) to ensure user data security.
The app is built on Flutter, which is a platform from Google for building hybrid apps (Android and iOS) and as a backend we use the Google Cloud platform.
