Even as digital payments and micro-transactions make their way to the forefront of daily life, tracking expenses and managing money remains a challenging task, with most people still defaulting to excel sheets or other fragmented solutions to make sense of their financial situations. While there have been many attempts to solve such problems, no single solution has emerged as the gold standard within the industry.
mTrakr, our FinTech startup of this week, is vying for the pole position within the personal finance management space. Armed with a team of rockstar developers, Nitish Garg and Navneet Behl are launching into the sector with an India focussed approach. mTrakr’s aim is to enable its users to effortlessly visualise their financial positions, while also offering built-in options to save, invest and grow your money. The team also recently updated their app to support Hindi, opening doors to a large user group which is currently underserved by app developers.
Both co-founders come from a technology background, with Nitish also holding an MBA from IIM-Bangalore. We spoke with Nitish to find out more about their journey so far:
1. Why did you choose the personal finance management space?
We are doing this because we believe there is a problem around managing your personal finances. Most people lead incredibly busy lives these days, allowing for very little time for managing personal finances. Navneet and I personally faced this problem while we were doing our first startup (DutchIt). We missed a few credit card bills and even forgot about our phone bills, and ended up having to pay extra even though we had the money lying in our bank accounts. It was then that we thought why not solve this particular problem with all the learnings that…