Spac (How these founders are helping to save digital money in 2023)
Spac is an Expenses Management App
What is Spac?
Spac is a budgetary and expense management solution for consumers in India. It is specifically built for the world of digital payments. Spac is India’s first all-in-one integrated budgeting and savings app powered by a virtual card. Using the app users can plan their expenses, create budgets & set limits to kill overspending, and begin their savings journey one payment at a time.
Spac is founded by Parth Shah & Yaagni Raolji in 2021. Consumers can set limits and create budgets for their expenditures and those rules are applicable on a real-time basis on the app.
The vision is “to bring in budgeting and savings in the digital payment echo chamber in India”
The mission is “to be a true personal finance management app for Indians and bring in savings eventually”
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How did Spac start?
India has seen an immense transition towards digital payments in the past 3-4 years. Every nook and corner of the country can be seen using a QR code for quick payments today. It is at this point that the team of Spac realized that customers have no control over their expenses since payments have become so smooth and quick. The goal became to be India’s go-to personal finance management app, especially in the digital payment ecosystem.
Here is a quick overview of Spac
Where does it stand now?
Spac first started with the development of its web app which was tested for two months where 600+ users were issued their cards. This was their initial traction that also went viral on crowdfunding which helped them land their initial set of users.
Post that, a pilot run was performed. This witnessed a total of 800+ users and the startup crossed a total of INR 1 lakhs in Gross Development Value or GDV.
Currently, the app is live again to its initial beta users.
The Budgetary and expense Management startup is still early on so it is still in the penetration stage. The team is doing many micro-campaigns for early adopters for usage and feedback.
The Ahmedabad-based startup was started with the founders in 2021 but has grown to a total headcount of 20+ in the year 2023.
There are no sales so far as the startup is still in the pre-revenue stage.
This Fintech startup has the targeted audience to start with is people from Tier 1 and Tier 2 cities and eventually will shift to Tier 3 cities as well.
The app is free to use for consumers and the founders do not intend to monetize the app currently. Once they achieve a market base is when they will switch to monetization.
As of now, there is nobody who is doing exactly the same, says the founders. But some of the new and upcoming banks could be potential competitors, opines the founder.
This Ahmedabad-based startup commenced with an initial capital of around INR 1 to 1.5 lakhs Spac is funded by 100x.VC by Sanjay Mehta Ventures. It was part of their Class’07 cohort. There has been some angel fundraising as well.
The focus would be to enhance features consistently. Currently, the app is running via a card system and in the next couple of months, they would also include the UPI base.
The strength is the objective and intent behind the app, it is a need for the market, says the founder.
The weakness is too soon to be pointed out, says the founder.
The opportunity is large as around 150 million Indian users, or about 10% of the Indian population, are using digital modes of payment and it is only going to grow.
The threat is the potential competition.
Rewards & Recognition
Spac is the winner of Decentro’s The Great Indian Fintech Fellowship.
Parth Shah is a computer science engineering graduate from Pandit Deendayal Energy University.
Yaagni Raolji is also a computer science engineering graduate from Pandit Deendayal Energy University.
Both of the founders have also worked together on a start-up earlier called, Quicko.