From budgeting to payments, here's how Spac is solving problems for Indian spenders!

February 16, 2023 23:45 IST | ANI Press Release
Tennis player James Blake
Started by Parth & Yaagni, Spac lets users budget, track & save money.

New Delhi [India], February 16 (ANI/NewsReach): Since the outset of digital innovations and advancements, the success, reach, and ease of online payments have been known globally for quite some time. And, India tops the world in terms of digital payments today. With over 70 billion transactions in just 2022, India ranked number 1 in the widespread adoption of digital payments. As payment options are made easy with digitalization, reports read that 3 out of every 5 people face the problem of keeping track of their expenses, spending too much on unnecessary things unconsciously, and suffering the lack of measurable saving goals.

To counter this problem, Spac, India's only spending account, has brought a new way for Indians to consciously spend. Founded by Parth Shah and Yaagni Raolji, Spac is a budgeting & payments app that helps users take control of their finances. The app allows users to track and budget their money with ease, so they never have to worry about overspending again. Founders mention that they were inspired to create Spac after experiencing the difficulties they faced during budgeting their own money in the early stages of their careers. Yaagni, in particular, struggled with managing her finances and realized that there was a need for a budgeting system that works with digital payments

"We want young professionals to inculcate the habit of planning their money before they spend. Without the right tools, it's challenging to create budgets let alone implement them. With digital payments, budgeting seems like a daunting task these days. Spac changes that notion." says Yaagni.

Spac is more than just another personal finance app; it goes above and beyond payments. It helps you manage your budgets in ways that traditional payment apps do not. Typical payment apps are merchant-focused rather than consumer-focused. Spac, being a spending account for consumers, allows users to experience three things:

1. Users can budget their money before they spend it.

2. Control where they spend by setting spending limits on all categories.

3. Pay & granularly track each payment so that they know where their money is going.

The spend limits set by the users can be currently applied on 'Scan & Pay' through which users can spend their money. Spac makes controlling money possible by nudging users about their spending habits. The spending limits act as an alarm, helping users avoid impulse purchases that lead to overspending. Furthermore, it tracks each payment granularly, allowing users to see where their money is going.

The founders of Spac see their app as part of a larger vision for the future of Indian spenders. They believe that as India grows and develops, digital payments with budgeting will play an increasingly important role in the country's economy. Soon, Indians who are becoming more aware of personal finance will demand smarter payments that not only make spending easier but also help them save more. Spac is designed to meet this need by providing a digital budgeting system that helps users stay on top of their finances.

Available on both the App Store and the Google Play Store, the app is currently helping over 10000+ users with their budgeting needs. The founders state that this problem is felt by every young professional today & there will be greater demand for such apps among users, for better financial planning. Spac aims to impact around 5 lakh users by the end of the next financial year. Backed by renowned VC firm 100x.VC, the team aims to empower millions of users with perfect budgeting and payment experiences and introduce them to a new and conscious way of spending.

For more information - (www.getspac.app)

This story has been provided by NewsReach. ANI will not be responsible in any way for the content of this article. (ANI/NewsReach)


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)


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