Saurabh Bhosale always wanted to invest a part of his monthly salary but wasn’t sure how to go about it. His paltry savings were another stumbling block. Till the Mumbai-based man stumbled upon Deciml, the micro-saving and micro-investing app. “I have been using it for over a month now and have managed to invest Rs 1,500 already which otherwise I wouldn’t have been able to save, let alone invest,” he says.
For millennials like Bhosale who have just started earning, Deciml makes their initiation into the investment ecosystem easy by enabling them to auto-invest their spare change from online transactions into mutual funds or fixed return funds. “This is a demographic (18-28 years) that is tech-savvy, high-intent and understands the value of having good money habits, yet is very uncertain and ill-disciplined with its investments and finances. This coupled with the misbelief that you need a large amount of money to start investing or that investing is associated with larger life goals only, makes it almost fair for youngsters to believe that investing is for later,” says Satyajeet Kunjeer, founder and CEO of this Pune-based fintech. That led him to develop an app that integrates with their lifestyle, aka daily digital transactions, rather than demanding a behavioural change.
All online transactions for which the user’s bank sends a transaction SMS get rounded up by Deciml. This includes: debit card spends, UPI payments, net banking transactions, ATM withdrawals and more. It picks up the exact spent amount from the transaction SMS, and then rounds it up to the next 10 or multiple of 10, whichever the user chooses. For the debiting/investment from their savings acoount, users set up an UPI AutoPay with Deciml.
Then there’s Daily Deposits which allows a Deciml user to automatically invest an amount (Rs 10-Rs 500) on a daily basis—regardless of whether or not they spend that day. “This feature was introduced because we realised that an SIP can be a fairly intimidating instrument for a young professional who has just started earning,” says Kunjeer. Users can also invest lump-sum amounts as little as `100.
Deciml only requires users’ PAN (to complete KYC), UPI ID (to complete AutoPay) and SMS permission to read transaction SMSes. Users can choose to pause and resume their round-ups at any point of time. Users can choose between fixed income and mutual fund investment options. Among the investment partners Deciml has onboarded are P2P lender Lend Box (offering up to 10% per annum returns), Motilal Oswal AMC, as well as Yes Bank. Deciml does not charge any fee from users but gets a commission from the investment partner.