Serial Entrepreneur Satyen Kothari launches Cube Wealth
Cube Wealth, India’s first “1 app, 1 minute” service that offers members wealth creation, automated savings, and expense management through an award-winning user-interface was launched in India today. Headquartered in Mumbai, Cube will appeal to progressive, professional Indians – entrepreneurs, technologists, creatives, media professionals, doctors and homemakers – with a first of its kind service that will simplify and automate the entire world of money management for its members.
The Android and iOS app was launched by five-time entrepreneur and prolific angel Investor – Satyen Kothari, a veteran of the Indian startup ecosystem space. In the past, Satyen has founded Citrus Payments where he led the overall strategy, product, UX, and marketing, to drive the brand to a USD 2.5 Bn payment leader in a short span of 4 years. Citrus Payments was backed by Sequoia Capital and sold to PayU for an 850 crore all-cash deal in 2016. Additionally, Satyen is a veteran of Silicon Valley and has worked at Apple and frog design and has studied design, computer science, and entrepreneurship at Stanford University.
Cube Wealth has seen an overwhelmingly positive response from early-invite members who have gone on to deposit crores already during the pre-launch phase. The company’s previous product around bills payments had 350,000 paying customers and was recognised amongst the “Best new apps” by Apple.
The Cube Wealth service is open for new members as of today for 6 days only until June 5. After this period, membership will be selective with existing members having the privilege of inviting a limited number of their friends and family.
Wealth unlocks dreams:
After hundreds of user interviews, the Cube team realised that every Indian professional faced problems around managing their money and especially had no guidance or clues about a disciplined wealth creation approach. Through research, they also deduced that lack of money was what was blocking professionals from pursuing their dream careers or crossing off personal items on their bucket lists. The problems around disciplined wealth creation were due to lack of financial literacy, time, and discipline. Additionally, access to the best-performing wealth advisors was restricted to only the extremely rich.
The team at Cube has worked for 2 years to come up with Cube Wealth – a “1 app, 1 minute” solution that changes everything around how money is managed.
Simplifying your life with Cube:
- Create wealth: The formula to create wealth is simple and yet hard to execute. Quality assets + disciplined investing. Cube provides a platform to access proven, high-quality advisors so members can invest in modern wealth creation options. It also automates the investing process to remove effort, while still allowing full control to its user.
- Access blue-chip advisors: Cube’s platform provides access to the best wealth advisors in the market. These advisors were previously accessible only to UHNIs, but Cube has negotiated to bring these available at low monthly SIP amounts to the Indian professional user.
- Simplify your life: Most of us don’t enjoy looking at numbers and spreadsheets. Cube facilitates tracking exactly how each of your investments is doing in simple terms of amounts and profits. It shows you where your overall money is going in a simple historical statement.
- Easy sign-up – members finish all the process in a few taps on the app. Personal information is safe and secure and all the money always stays in the member’s name in SEBI approved funds and accounts.
- International investment options: An Americano or a Made in China? No, we are not talking about coffee or clothes. With a minimum initial investment, subscribers gain access to a clear assortment of mutual funds based on the returns and risk factors involved, so you make an informed decision. These include international funds to access various markets around the globe.
All of this with 1 app, 1 minute a month. With Cube, members can handle everything from smart investing to paying all their bills to saving for travels at the click of a button, reducing the total time spent on money management to 1 minute per month.
Commenting on the launch, Satyen Kothari said, “Every one of us at Cube believes in simplifying wealth creation and money management, and our app was created on this very premise. It’s like having your personal, perfect money manager working for you around the clock. We have spent a lot of time understanding the Indian professional’s problem around money and wealth creation, and have built the simplest and best service ever seen to simplify all the work, while still giving the user full control. 1 app, 1 minute – that’s all our members need to create wealth and simplify their lives.”
He added, “We are excited about the launch as the product has been tested extensively by our early beta members since January. My prior experience in founding Citrus Payments serves us well as we are obsessively focused on member data privacy and security. Cube is the modern finance avatar that combines everything that a great wealth manager and the perfect bank account should do to simplify our lives. Now, you have that perfect world in your pocket with Cube Wealth.”
Huge market opportunity
Over the last few years, individual investors have increasingly expanded their portfolios to include diverse financial instruments, beyond debt. Mutual funds and equity linked schemes have made it affordable and convenient for individual investors to invest in market instruments.
According to a report by AMFI, the top – 15 cities in India have witnessed a higher penetration where investments of individual investors in equity schemes increased by 53.4% in March 2018 over March 2017. The value of assets held by individual investors in mutual funds increased from ?8.53 lakh crore in March 2017 to ?11.66 lakh crore in March 2018, which is an absolute increase of 36.79%.
Fintech has further enabled individuals to carry out cumbersome financial transactions, on their
mobile phones. As per the data provided by RBI, India’s digital transactions have reached $2 Trillion in January 2018.
The market now needs a platform that conveniently and effectively manages wealth creation and simplified money management for the modern Indian professional.