A mobile app called Gullak automates savings and places them in 24K gold.
You don’t need a lot of money to start investing; all you need is the willingness to start your investment journey. Fintech companies are developing creative solutions to let people consistently save tiny sums of money and invest that money through micro-investing as digitalisation advances.
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There are significant disparities in the way the majority of Indians save and invest. Despite the Covid-19 pandemic pushing investors toward digital methods, more than 200 million Indians still save manually. The majority of them can’t even beat inflation and end up losing money over time instead of building wealth. This is a result of widespread financial ignorance and a lack of access to easy-to-use money-saving strategies.
Desiml and Gullak are two microfinance systems that not only assist people to save minimal amounts of money every day but also give them the possibility to save even modest sums of money for investments. Gullak invests primarily in digital gold, while Desiml focuses primarily on financial assets.
A mobile app called Gullak automates savings and places them in 24K gold. The daily SIP feature allows users to automatically deposit as little as Rs 10 every day into digital Gold. They can also grow their savings by adding lump sums to their savings pool as a one-time activity or by putting their spare change in gold. Gullak allows customers complete flexibility while encouraging long-term savings and utilising the power of compounding.
Gullak is a wealth creation tool that anyone with a mobile phone and the UPI app can use to get started.
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How does Gullak work?
A user must download the app to an Android or iOS smartphone to set up auto-pay and begin saving with Gullak. There are two options for saving money: daily amount and saving on every purchase for a specified period (spare change investment) Gullak assists users in automating their savings; for example, if a user sets up auto-pay on D1, Gullak will automatically withdraw funds from the user’s account every day starting on D2. Users who have selected autopay claim to have saved 5X more than they did in the past.
