Sqrrl, an investment app that makes financial services easy for young Indians, has launched the English language version of their existing app in ‘8 more regional languages of India,’ to break the language barrier in financial inclusion.
Sqrrl, an investment app
In India’s quest for ‘Digital India’ and ‘Financial Inclusion’ the language barrier in the financial world remains a big problem. Most people in regional India are either weary of using English in their financial activities, or are outright uncomfortable using it.
Sqrrl, Founders Team
Sqrrl, an app based savings & investment platform, is the world’s first mobile app platform that supports 8 Indian languages with an aim to simplify and put quality financial services within everyone’s reach. The app is live in English and 8 Indian languages, viz. Hindi, Tamil, Telugu, Bengali, Marathi, Gujarati, Kannada and Malayalam.
The app based investment platform has started on a dire quest to bring about financial inclusion in India. Sqrrl’s team had to contextualise the translation in all the languages keeping in mind the ease of understanding for the end user, as a literal translation would not have solved the problem. Besides, expanding the scope of financial services to migrants and underserved segment in Metro and Tier-1 cities, Sqrrl aims to make the biggest impact in Tier-2 and Tier-3 cities and districts as well, where language is one of the most prominent barriers to financial independence.
According to a KPMG report, titled ‘Indian Languages – Defining India’s Internet,’ only 57% of India’s digital payment user-base are active English users, this also points to the limitations in the bank-led model of financial inclusion both in terms of access and its ability to serve the common man.
“Because of language barrier, a large section of our society prefers to stay away from investment options like mutual funds. We don’t just need financial literacy in native language, availability of financial product in native language is also a prime need of the hour,” said Samant Sikka, Founder and CEO, Sqrrl Fintech.
There is a heavy dependence on the English language in the investment sector. Many users who are avid investors but unable to understand the jargonised language & terms such as NAV, dividend reinvestment, etc., have to depend upon advisors and third parties for their investment needs. The app especially aims to simplify investments for such avid investors, who would now be able to take control of their investments.
Sqrrl is a mobile app only app based investment platform, available on the Android & Apple App stores that went live in March 2017. It allows users to invest in top performing mutual funds based on their investment needs, risk horizons & goals. Through Sqrrl, you can invest as little as INR 1 in the best performing funds. Further, with feature to round up your spending to 100 or 500, Sqrrl automatically invests the leftover amount, making it extremely convenient for young generation to save while they spend.
Sqrrl got selected at the Reliance GenNext Hub, an accelerator program run by Reliance Industries & Microsoft ventures amongst 23 startups picked from approx., 1200 applicants. They recently also featured in #Hot100 Startups in india: Race to Grace 2017. Sqrrl now has customers across 700+ cities in India and is aspiring to reach to 3 million+ customers over next 5 years.
Website – sqrrl.in.