Social savings firm InSpirAVE offers early access to platform
US-based social savings company InSpirAVE is offering early access to its platform. The company is coming out with what founder and CEO Om Kundu calls an “entirely new look and multi-screen experience” for its app that leverages friends and family to help consumers make planned purchases by “saving more, faster” rather than succumbing to debt, fees, and impulse, reports David Penn at Finovate.
The firm enables users to invite friends and family to comment on – and contribute to – purchases the user wants to make but cannot yet afford without credit.
Connected friends and family can nudge users toward selection decisions. Think of it as Yelp powered by friends and family who can make the path-to-purchase more personalised.
Users can then create a tailored plan to purchase the item, using the platform to choose their desired savings completion date, establish an initial deposit, and the setup of recurring contributions.
The InSpirAVE platform allows users to visualise the progress they are making toward their savings goal, including interest earned, social gifting, intelligent transfers, and any applicable discounts from the retailer. And once the requisite funds are saved, the user can purchase the item directly through the InSpirAVE platform.
“Consumers get to better exercise their savings muscles to fulfill their purchase goals” while retailers and FIs “gain access to a more engaged and expanded customer base,” Kundu explains.
Headquartered in New York and Pittsburgh, Pennsylvania, InSpirAVE isn’t launching the platform to the general public quite yet, but it is offering early access to beta accounts on a limited basis.