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Kaleidofin, India’s first wealth management program for the under-banked, will now provide its financial planning solutions to all employees at Printo, India’s largest printing retail chain.Founded by Sucharita Mukherjee and Puneet Gupta, Kaleidofin is a wealth-tech platform that aims to extend the benefits of wealth management to first-generation working population with small savings. The solutions are linked to individual ‘life-goals’ and empowers them to plan their finances towards achieving these goals.
Printo, India’s largest printing retail chain, has agreed that all its employees will enrol for Kaleidofin solutions that combine the right amounts of savings, investment, credit and insurance to achieve their life-goals. The company has agreed to absorb the enrolment cost on behalf of their employees. Printo employees also have a choice to link the Kaleidofin remittance to their Printo salary account, making it simpler for them to manage the monthly payout.
Manish Sharma, Founder, Printo said, “A large part of Printo work force are first-generation skilled corporate job holders. They are often not deemed eligible for typical financial products offered by banks. Irrespective of how little or how much you can save, Kaleidofin offers a simplified yet, powerful financial tool that inculcates a discipline of saving towards a goal.”
Each Kaleidofin solution is a unique combination of savings, credit and insurance products, which is mapped to each individual’s persona, life goal and risk capacity. Kaleidofin uses its proprietary asset allocation algorithms to choose the most appropriate mutual fund in line with customer risk capacity. To provide support for any unforeseen needs, a customer gets a pre-approved credit line. Kaleidofin further strengthens the offering by providing life, accident and disability insurance for the amount the customer was aiming to save.
“We believe this will help many of our employees in achieving their life’s aspirations. Employee’s welfare and well-being is an important part of our organisation and we are happy to be associated with Kaleidofin,” he added.
At Kaleidofin, the process starts with capturing individual data through a customized questionnaire on their app. The questionnaire aims to capture the individual’s income and other socio-economic details to create a holistic risk and aspirational profile for the customer. The Kaleidofin App, then matches the income to the ideal savings goal within the ideal duration and suggests the best possible solution for the customer. A pre-defined structure ensures that there is no cognitive load on the customer.
Sucharita Mukherjee, Founder, Kaleidofin said, “By virtue of being part of formal economy, most of the employees in organisations like Printo have access to financial products like insurance or investment. However, the cognitive load of choosing the right proportion of product mix can be daunting for many. At Kaleidofin, our aim is to empower people to use financial planning to achieve their aspirations and uplift their goals. By providing simple ‘life-goal’ based financial solutions, we empower our customers to achieve more through their limited savings.”