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§ Private Profile · Bangalore, India
Acorns for India. Every time you swipe you make a digital…
Key people at Spenny.
Spenny was founded in 2019 by Gaurav Arora (Founder) and Rathin Shah (Founder).
Spenny is the Acorns for India. Every time a user make any digital transaction, we round off the amount to the nearest 10 INR and invest it for them into a diversified portfolio, automatically.
400M millennials in India don't invest because they don't have enough time, knowledge or access to large capital. With Spenny, they just connect the card and invest every time they spend.
We're growing 67% WoW since launch, with 3,000+ users and $15,000 in AUM. Indians put $500Bn into their bank accounts annually. We charge 1.75% of the AUM for investments. That's a direct ~$9Bn market in India alone.
Potentially every time a user makes a transaction, we make money. And in that sense, the timing for Spenny couldn't have been better: 1 Trillion+ transactions are expected in 2021 because of factors like Whatsapp launching its P2P payments in India for its 400M users. And the emergence of UPI means every Indian has a virtual bank account now.
More interesting revenue models develop from the transaction data insights of our users. We analyse the rich data to A) up-sell more financial products like insurance etc., and B) create brand loyalty programs & partnerships.
We acquire customers at minimal CAC by bank partnerships. We leverage the banks' existing users, by integrating with their mobile app. In turn, we invest into their mutual funds.
Our long-term vision is to become a one-stop asset management solution for millennials.
Spenny was founded in 2019 by Gaurav Arora (Founder) and Rathin Shah (Founder).
Spenny - Acorns for India is a fintech startup that offers a micro-investment platform designed to help Indian millennials invest spare change from their daily digital transactions automatically. Every time a user makes a payment via card, UPI, or net banking, Spenny rounds up the transaction amount to the nearest 10 INR and invests the difference into a diversified portfolio, including mutual funds or digital gold. This approach addresses the problem that 400 million Indian millennials typically do not invest due to lack of time, knowledge, or access to capital. Since its launch, Spenny has demonstrated strong growth momentum with a 67% week-over-week increase, over 3,000 users initially, and $15,000 in assets under management (AUM), scaling later to over 400,000 users[1][2][6].
Founded in 2019 by Gaurav Arora and Rathin Shah, Spenny emerged from the insight that although Indians save vast sums annually (over $450 billion), only a small fraction invest in financial markets. The founders, with backgrounds in fintech and AI product building, developed Spenny as a digital "Gullak" (piggy bank) to simplify and automate investing for the average user. Early traction included selection by Y Combinator, which helped accelerate product and team development. The company integrates with banks and leverages their user base to minimize customer acquisition costs, investing user funds through SEBI-regulated mutual fund houses[2][5].
Spenny rides the wave of India's digital payments revolution and the growing fintech adoption among millennials. The timing is critical as India’s digital transaction volume surges, creating a fertile environment for micro-investment platforms. By simplifying investing and making it automatic, Spenny addresses the low penetration of investment products in India (only about 3% of the population invests). This aligns with broader trends of financial inclusion, digital banking, and personalized fintech services. Spenny’s data-driven approach also opens avenues for upselling financial products like insurance and loyalty programs, influencing the ecosystem by promoting habitual investing and financial literacy[1][4].
Spenny aims to increase India’s investing population from 3% to 15% within five years by making investing easy, automatic, and accessible. Future growth will likely focus on expanding user base, deepening bank partnerships, and broadening product offerings beyond micro-investments to a full-suite asset management platform for millennials. Trends such as increased smartphone penetration, digital payments, and growing financial awareness will shape Spenny’s journey. Its influence may evolve from a micro-investment app to a comprehensive personal finance ecosystem, potentially transforming how millions of Indians save and invest[5].
In summary, Spenny leverages India’s digital payment boom to democratize investing through automated micro-savings, positioning itself as a key player in the country’s fintech and personal finance landscape.
Key people at Spenny.
