The majority of millennials are avoiding the stock market for which they are frequently criticized. Why does that happen? Young people feel as if they don’t have enough money to invest or they simply don’t know how to do it. They can’t relate to the established image of an investor who has a steady income, a start capital as well as financial expertise. On the other hand, banks and financial institutions are also struggling with engaging millennial customers. Most of the existing investment solutions do not suit the needs and wants of young people.
SpendOlater from our FinTech & CyberSecurity 2017 accelerator class are here to make investing simple and accessible for millennials. They are in the process of developing an app that would help users start investing without making difficult financial decisions. We sat down to have a chat with the SpendOlater team to find out more about their product and their plans for the future.
How exactly does SpendOlater work?
SpendOlater helps banks, insurances and investment funds engage with millennials with sensible investments. At the same time, we help millennials start investing without a start capital as it can be a barrier for many young users. With our app, millennials don’t need to make investment decisions by themselves and can just live their lives while SpendOlater takes care of their finances in the background.
To start using SpendOlater, the user needs to download the app and connect it to their bank accounts. Whenever the user makes…