Fintech
US fintech platform TIFIN debuts in the Indian market with conversational AI assistant MyFi
New Delhi: US-based AI-based fintech platform TIFIN on Monday marked its debut in the Indian market with the launch of MyFi, a conversational app artificial intelligence (AI) assistant that offers personalized investment guidance.
MyFi deploys research- and fact-based investment intelligence and artificial intelligence models to generate personalized investment recommendations based on users’ investment portfolio.
MyFi is a custom product designed especially for India. It draws inspiration from its magnifi counterpart, which has successfully established itself in the US, MyFi co-founder and CEO Kiram Nambiar told PTI.
“Building on the success of its global offerings, TIFIN seeks to revolutionize wealth management outcomes in India with a strategic move to strengthen its commitment to the region and mission of impact through rapid innovation. MyFi is registered with SEBI as a Registered Investment Advisor (RIA) and operates in strict compliance with all relevant government regulations,” the company said in a statement.
“MyFi leverages learnings from the TIFIN portfolio, but was created in India and specifically designed for Indian investors to facilitate informed, long-term financial decision making…” said TIFIN founder, president and CEO , Vinay Nair.
MyFi is compatible with Android and iOS operating systems.
“With MyFi, informed investing becomes accessible to millions of people in India. Think of the app as an assistant that not only offers you options based on market realities, but does so in the context of your current investment portfolio, all in a conversational, simplified language that you can understand.
“Based on years of learning from successful TIFIN products, it truly takes the guesswork out of investing,” Nambiar said.
He said that MyFi is currently targeting existing mutual fund investors in India, with plans to onboard new investors in the future.
Citing a report by the Association of Mutual Funds in India (AMFI), Nambiar said that Indian mutual funds currently have over 8.76 million SIP accounts and have added 8.1 million new investor accounts alone in April-May 2024, largely driven by Millennials and Gen Z.
“MyFi aims to cater to the growing investor community in India and plans to expand its platform offerings as new investors embark on their investment journey,” he said.
MyFi is a subscription-based model with plans starting from Rs 299 per month.
Founded in 2018 by IIT-Madras graduate Vinay Nair, TIFIN raised $109 million in May at a valuation of $842 million.
Headquartered in Colorado, USA, it has approximately 260 employees worldwide, including more than 100 in India.
Posted Jul 1, 2024, 06:24 IST