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WealthPack Launches Personal Finance App for India

Gurgaon, India, August 16, 2015 --( WealthPack, a financial technology startup based in Gurgaon has launched a fully automated expense manager. Co-founded by three former investment bankers, WealthPack aspires to radically alter the personal finance landscape in India by changing the way people manage their money.

WealthPack aims at conquering expense management as the beachhead before progressing further. The team believes that only by maximizing one's savings in a systematic manner can long term wealth be created. This inspired the co-founders to create an app that completely tracks and intelligently presents all expenses so that the control passes back to the user. Information is power and WealthPack app offers that in plenty.

How does WealthPack work?

WealthPack makes use of financial information that resides in the SMS inbox of the users and presents a consolidated view of spending, bank accounts, credit cards and bills. It runs on smart algorithms to auto-categorize the transactions done by the users and then presents a comprehensive category-wise view of the spending to the users. WealthPack also displays consolidated bank balances, credit card dues and bill payments, all in an engaging user interface.

The sweet spot? Wealthpack covers 40+ banks and credit cards, credit card and telecom (Airtel, MTNL and Vodafone) bills. WealthPack’s coverage ranks among the highest in similar apps.

“Like most people, I got stymied when using existing apps. Many didn’t cover my various bank accounts and misclassified my expenses,” says one of the co founders. “We have developed a robust machine learning algorithm that auto learns to prevent any such gaps from affecting user experience.”

How is WealthPack different?

WealthPack is meant to be a pure play personal finance app and differentiates itself from other players in the space by offering in depth analysis features. Some of the unique features include multi category trend analysis and the ability to differentiate between expenses and investments, without any user intervention.

The app offers a range of features, starting from the basic ones like consolidated view of accounts, spending and bills. It also offers tools for trend analyses over any time horizon. So if you want to visually compare your spend on food vis-a-vis spend on monthly essentials over the last six months, you can turn over to the Analytics section and compare the trends.

Another area where WealthPack differs from competition is segregation of investments from expenses. “What we are building in Wealthpack is better ways to organize your financial information,” says a co founder. “The basic thing is to correctly classify expenses and investments,” he said, noting that it is one of the many features that differentiate Wealthpack from the other financial apps.

IOU (I Owe yoU) is another smart feature which allows users to split expenses between friends and keep track of receivables and payables. It allows the ease of sharing with full tracking and replaces the rather cumbersome paper way.

What is the future?

WealthPack is and will be a pure play personal finance platform. It will continue to innovate in the personal finance area and would provide users with new and richer tools which will help them manage their finances better. “We are in the primary business of organizing complex information and this is only the beginning,” the team says.

Who are the people behind WealthPack?

WealthPack is started by three former investment bankers and financial markets professionals - Kunal Singh, Sanket Sinha and Ujjwal Ankur. The three founders have cumulative experience of 20+ years in Indian and international financial markets.

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Kunal Singh

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