Financial planning is essential for people of all ages, but it is significant for Singaporean Millennials and Gen Zs who face rising living costs and taxes. Digital solutions such as goal-based calculators and budgeting apps are either too simple to provide a comprehensive view of one’s finances or too expensive to scale beyond high net-worth, private banking customers.
BetterTradeOff (known as BTO), a Singapore-based wealthtech startup, intends to raise a Series A round of venture funding in late 2023 or early 2024 in order to fund geographic expansion and support product integration with its partners.
Speaking with Asian Banking & Finance, Bertrand noted that despite the enormous investment that banks have sunk into technology– US$70b from major US banks alone in 2021– most consumers remain diffident on completing complex banking activities by themselves online.
Dutch Financial Services Provider, Achmea, has completed a minority investment in BetterTradeOff- a Singapore headquartered FinTech that makes financial planning accessible to everyone. The funding comes via the Achmea Innovation Fund, established to support start-ups that strategically align with Achmea’s mission.
While building a great product is the first step towards revolutionizing the fintech industry, deploying the right fintech marketing techniques to make it big is often a challenge in an increasingly saturated market.
The Edge Singapore spoke to Laurent Bertrand, the co-founder and CEO of Up, a platform that simplifies financial planning, on how young adults can start planning for their retirement, as well as other money-saving tips.