Finacast ( a personal financial portal) helps you to find your way to financial independence by tracking your spending, monitoring your financial goals, checking your financial health and advising you on purchases. With Finacast get more out of your money, today and tomorrow in depth analysis of your financial future. Learn more
1. Tell us about yourself/founder(s) of your company? What are your company roots? Who initially funded it? Was there any angel funding /PE/VC funding involved?
About Rajeev Kumar -
Rajeev has over 14 years of experience working with large financial and consulting institutions. Prior to co-funding Finacast, Rajeev worked with Wells Fargo, Charles Schwab, Providian Financials and various high tech clients as a consultant.
Rajeev has successfully managed multi-million dollar technology and business transformation initiatives for fortune 500 corporations. He is in the advisory boards of two US firms leading innovation in the areas of consulting services and high end business strategy simulations. Rajeev has an engineering degree from Indian Institute of Technology and a MBA from the Indian Institute of Management
He created Finacast to help people understand the truth about their finances, so they can make smart financial decisions and create realistic financial plans.
2. How, when and why did you get started (what or when was ‘Eureka’ moment’)
I felt that the personal finance tools like Mint.com and Quicken leave people with plenty of graphs, but no true understanding about their financial health or future. Current tools do great reporting of the past but they are not very effective in helping people make better financial decisions which requires simulating life and looking into the future with different planning assumptions. These tools are incapable of helping people understand the implications of decisions like buying a new car, going to college, having a baby, retiring a few early etc. So I focused on creating an application that helps people make better financial decisions. I believed that Finacast should be more than just better bookkeeping, managing and reporting everyday transactions. That's why Finacast was anchored to the unique concept of forecasting the implications of today's financial decisions. This novel approach has become the backbone of Finacast
3. At what stage your company is in currently? ( for e.g. Pre-Seed>Early Seed Stage>Mid-Seed Stage>Later Seed Stage>Early Stage )
4. In 25 words or less, what are you all about? What problem do you solve and for whom?
Help people make financial decisions that lead to more prosperous lives
5. What is call to action for following segments?
a. Target Market Segment ( for e.g. buy my widget at discounted price , join facebook page, register at the portal, provide feedback etc.). Use Finacast to manage your financial life.
b. Prospective Investors / VCs / Angels ( for e.g. please fund us we are willing to give 20% equity etc.)
We want to be the major player in financial advisory business. We have ideas, team and commitment, we need to your investment to go to the next level.
c. Prospective Partners ( Become our Partner Channel and we give fantastic gifts to you)
6. What makes your company special? How is your product differentiated in the eyes of the consumer?
Our product is designed to simulate life in its totality. Our simulation engines work in the same way as a professional planner would think. It takes into account tax implication, future events and priorities in its forecasting. No other product in the market does it.
7. How do you make money? Who are your primary customers and why do they choose you?
- Consumer - subscription (freemium model)
- Financial institutions - Product license fee
- Advisors - Referral fee
8. What are your marketing channels? How do you use social media for marketing? What are the platforms you primarily use for marketing? Have you outsourced your social media marketing or plans for future?
- Using traditional search marketing and trying a bit of FB marketing. Using IIM Net for FB.
9. How big is your Business Development team? What is the current mix - purely technical vs MBAs? What are you plans for ramping up Business Development Team?
3 developers and 2 product manager and 1 user experience.
10.What are your dreams for your company?
Be a mix of Charles Schwab and Mint.com
11.What trends do you see heading into 2012 and beyond that are relevant to your industry and company?
More and more banks and FIs are focusing on more advise based PFM solution than just reporting.
12.What are the biggest challenges you are facing in scaling your business up?
- lack of financial resources to drive marketing campaigns
13.What’s the #1 to # 3 thing on your To-Do list?
2. Consumer marketing
3. Integration with Money Coaches/Financial Advisors
14.This one is all you… Anything else you want to tell IIMnet community members?
I would love to connect with folks who are managing online offering for banks and other FIs. We will like to integrate our product with current online banking experience and/or automate financial advisory process using our core engine.
To connect with Rajeev, click here (Sub: Rajeev Kumar/Finacast)