Spenny App is a new-age investment app started by Gaurav Arora and Rathin sha in 2019. It is a micro-saving app that invests spare change when you do an online transaction. The app has been built keeping in mind India’s young demographic who are constantly looking for opportunities to earn over time rather than just one shot and hope they make it big.
This app helps millennials to invest in their spare change automatically and creates an investment fund.
It is very simple, you download the app,
This app is only available with android OS for now, hope they introduce it with apple OS also.
You can sign in with your existing google account or with your other mail id.
Once you enter your email id and log in, you need to enter your mobile number and verify with the OTP.
And, give all the required details like name, state of investment, activate your round-ups, and link your bank account.
In the next option, you can choose your investment option, currently, they have two options.
You can choose your options accordingly and activate the investment. The digital gold investment will get activated within a day, mutual funds might take up to 15 days.
You might be asked to finish your KYC, in order to activate your investment.
An initial amount of Rs 100 is added to start with the process.
Spenny asks your permission to read all your transactional SMS.
So whenever you make an online transaction like Rs 192 the app reads the SMS notification and rounds up the amount to 200 and the extra change of Rs 8 on that transaction is invested automatically.
So all your online transaction is rounded up and invested in various portfolios. It is a small saving, but in a long run, you will have an investment. They offer ICICI prudential mutual funds as one of your investment options with returns of 7.6%. Which is more than the savings bank interest rate.
You can also buy gold with your roundups Spenny has partnered with Augmont Gold Pvt. Ltd to provide this service to the users. You can purchase gold as low as Rs 10, this will be added to the gold wallet and you can sell anytime for the need of money.
So this app helps you to create a habit of investment. Many of us have less time to concentrate on investments and this app makes it easy.
In a year we make at least 200 online transactions which creates a good amount of funds to invest.
Spenny app is safe, they have a good data protection system and they are registered with BSE. All the financial transactions are regulated by SEBI.
The money detected from you is directly transferred to the ICICI fund house and invested by certified fund managers.
The gold purchase is managed by Augmont Gold Pvt. Ltd , which is a verified gold partner.
You can choose multiple roundup options according to your plan of investing. And there are no extra charges for using this app other than the initial Rs 100.
Spenny’s team did great work by making investing and savings less complicated and more accessible than ever before. The application has made the investment world very accessible to people nowadays who want to earn extra money and save up for future goals without having to take out too much time from their busy schedules, which makes Spenny App an invaluable online tool for everyone.
Stay tuned…
