FINFI introduces purchase-linked saving plans

By Leandra Monteiro

FINFI, a socially conscious financial wellness platform that leverages paychecks through APIs, announced the launch of its purchase-linked saving schemes that are intended to supplement the existing suite of wellness products that leverage the power of payroll.

FINFI already provides an earned wage access (EWA) product. FINFI’s employer-sponsored earned wage access product is unlike other earned wage access products as it doesn’t extend loans or advances. It instead provides a platform for employees to provide short-term liquidity solutions leveraging the wages that have been earned but are otherwise due for payment only at the month’s end.

FINFI is addressing a market need that is currently addressed through patchy solutions like employee advances, informal borrowing from family and friends, credit card debt, or extremely expensive digital borrowing. FINFI’s platform obviates the need for these channels and allows employers to offer a dignified solution in form of an employee benefit. FINFI has successfully developed a platform that can enable thousands of pay cycles all on demand and without compromising the compliances & the legal processes associated with payroll processing.

FINFI’s ‘Save Now, Buy Later’ product now expands another concept that is quite familiar to Indians. People with fixed earnings have traditionally saved with their jeweller for many months and received a discount on fulfillment. FINFI now expands this to 50 plus categories and brands with the added security of money being saved in their own RBI-regulated account.

Pranav Barthwal, Co-founder, stated, “Our main focus is on developing a payroll-based API infrastructure but creating experiences that can be supported through that infrastructure help prove the value of the infrastructure to all stakeholders. This is why we are building the experiences & infrastructure together.”

According to Virendra Kumar, CTO & Co-founder, “Open, restful APIs, around payroll, require support from several stakeholders. Experiences that we are creating through payroll data propels the whole ecosystem forward and creates the required urgency for people to prioritize.”