Sqrrl, a personal finance online platform focussed on enabling millennials and Gen-Z to save and invest, is planning to expand its product offering to cater to a large group of customers, a top official said.
“Now we are planning to offer stocks, international investing and fractional real estate to our customers in 2021,” said Samant Sikka, co-founder, Sqrrl.
In 2020, the firm had introduced several new services which include income tax return e-filing, starting a Fixed Deposit (FD), offering loans, a subscription plan called ‘Sqrrl Prime’ and protection products like accidental insurance.
On the distribution expansion, he said the firm is focussing extensively on partnering with banks, NBFCs and other platforms to enhance its distribution and reach. It has already gone live with its partnership for offering goal based investments with ICICI Bank’s MINE, a millennial banking platform.
It also has existing tie-ups with banking correspondent platforms and a few more partnerships are already under integration and closure, he said.
Commenting on the saving and investing behaviour of the youth, he said, “Recent trends observed in the personal finance industry show that new age customers find finance extremely complex and overly jargonised. As a fintech, our role is to simplify the personal finance umbrella and inculcate the habit of savings in the new age generation through innovative means.”
Since inception in 2017, the firm has served over 3 lakh users in more than 600 towns and cities in India. Out of these, more than 50% come from beyond the top 30 cities, he said.
