Save Now Buy Later platform Multipl launches new category, exclusively for young parents
National, February 23rd, 2023: To ensure that parents can make smarter choices and save more while spending for their kids, especially for recurring expenses, Multipl – world’s 1st Invest to Spend app – has launched ‘Parenting’ category on the app to support a debt-free life.
Having a child is a delightful experience. It is also one that comes with a lot of responsibilities – managing finances being one of the primary concerns. Everyone wants their kids to get the best facilities, education, and extracurricular activities so that they grow up to be successful participants in society.
However, financial planning for children remains restricted to age-old financial instruments such as bank savings, fixed deposits and long-term insurance plans.
These plans and instruments often do not benchmark the rising education and miscellaneous costs and could end up being inadequate the meet expenses when the child grows up. Huge educational loans, families getting deeper into the debt cycle and similar stories are very familiar.
When a baby is born, parents make purchases anywhere between Rs 10000 – 30000 month on month, meeting the needs of baby products such as diapers, crib, clothes, skincare, stroller, car seats and more. But most parents do not plan for these expenses and rely on their bank savings to spend for them, without realizing that they could have saved much more had they went the smarter way.
Multipl’s parenting category launch aims at solving this problem. They have partnered with popular kids-first brands such as FirstCry, Hamleys, Vendatu, StayQrious. Moreover, other popular brands such as Decathlon, Myntra, Flipkart, Nike, Puma, etc. also feature in this category from where parents usually purchase for their kids.
Multipl users, aka Multiplers, can plan for their kid’s expenses 3-12 months in advance, and earn investment returns on their savings. Moreover, the brands mentioned provide 3% – 25% additional savings in the form of co-investments. Overall, a parent saves big time while they have already planned for these inevitable spends.
Talking about the initiative, Paddy Raghavan, the CEO, and co-founder, of Multipl, said,“Youngsters look at saving for vacations and gadget purchases. However, as one grows older, their priorities may change, and be more focused on their regular expense-based lifestyle, a big part of which includes their children’s education and other expenses.”
He added, “The new category on Multipl is launched with the purpose of helping parents become more prudent while spending for their children. It ensures that young parents do not fall into a debt trap and are able to build a positive savings behavior. We will be adding many more relevant and exciting brands to this category to make it exciting for the parents.”
About Multipl
Multipl is the world’s first Save Now, Buy Later platform that allows users to invest money towards their lifestyle objectives. The company wants every Indian to live the lifestyle they want, enjoy life, and be stress- and debt-free. Paddy Raghavan, Jags Raghavan, and Vikas Jain, three entrepreneurs from Bengaluru, founded the company in 2020. Today, some of the leading investors, including Blume Ventures, GrowX Ventures, IIFL, and Kotak Securities, support it. With more than 250K installs, this cutting-edge Indian FinTech app encourages deliberate consumption and avoids impulsive purchases.
The organization has an internal investment research team with many years of experience in banking and stock investments. Using its proprietary investment advisory framework, Multipl generates a custom risk model for each user before allocating their funds. The start-up adheres to SLR philosophy, also known as the “safety, liquidity, and returns” paradigm. Users can either invest in various market linked investment assets or directly save with a brand for their upcoming lifestyle expenses. They typically end up saving 5%-20% more on every purchase.
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Save Now Buy Later platform Multipl launches new category, exclusively for young parents
