SavetoBuy is a savings platform that enables users to automate their savings for specific purchases while earning interest rates of up to 15% per annum. The platform addresses the challenge of financial discipline by allowing users to save incrementally for their desired products and earn cash rewards upon completion of their savings goals.
Funding
Funding not disclosed
Founders
Product
Problem
Many individuals, particularly young adults in Nigeria, struggle with the discipline required to consistently save money towards specific goals, hindering their ability to make planned purchases or build wealth. Traditional savings methods often lack the necessary incentives and structure to maintain consistent savings habits.
Solution
SavetoBuy is a savings platform designed to help users automate their savings for specific purchases and earn interest. The platform offers multiple savings options, including "Lifestyle Savings" for saving towards purchases from favorite merchants with cash rewards, "Financial Goal" savings with higher interest rates for disciplined saving towards a target, and "SaveUp" for flexible savings with emergency withdrawal options. Users can automate savings through daily, weekly, or monthly deductions from their bank accounts, promoting consistent wealth building. SavetoBuy also provides a financial literacy community to improve users' money management skills.
Target Audience
SavetoBuy primarily targets young, financially-conscious individuals in Nigeria who seek a structured and incentivized platform to automate savings towards specific goals and build wealth.
Features
- Automated savings feature with customizable settings for daily, weekly, or monthly deductions.
- "SavetoBuy Lifestyle" option to save for purchases from partnered merchants and earn cash rewards upon completion.
- "Financial Goal" savings plan with interest rates up to 15% per annum for disciplined savings towards specific targets.
- "SaveUp" account offering up to 12% per annum interest with one free withdrawal per month for emergencies.
- Integration with a financial literacy community providing educational resources and opportunities.
- KYC (Know Your Customer) verification to protect against identity theft and financial fraud.
- Mobile app available on Android.