4.6 C
London
Tuesday, March 9, 2021

The Fintech startup Switcho aims to help people save money on utility bills

FinTech The Fintech startup Switcho aims to help people save money on utility...

An algorithm reads our last electricity, gas, internet and telephony bills; it analyzes them, verifies if there is a cheaper offer compared to current consumption, and – if it exists – it returns a personalized savings estimate; in case of activation, then, the dedicated team of “Customer Happiness” takes care of the bureaucracy necessary for the switch in place of the user. 

That is how Switcho, the Italian startup that wants to help Millennials to manage their expenses, allows its users to save an average of $353 (€293) per year on their home utilities. Managing at once to optimize expenses and simplify bureaucracy.

Read more about the Fintech company Switcho and find the most interesting business news of the day with the Born2Invest mobile app.

Switcho aims to help people decrease their expenses

Playing a role of “third actor” compared to suppliers and rate comparators, Switcho puts itself on the side of the end user, with the aim of becoming a “personal assistant of savings” in digital version. The processes of consumption analysis and activation, in fact, take place entirely online at the request of the user, who thus remains safe from annoying phone calls and data leaks to call centers.

“Untangling the infinite number of options available on the market for domestic users is really complex and time-consuming. Tariffs from suppliers are often unclear or difficult to find, while comparison portals focus on the promise of savings without verifying that this is really there. And then there is the issue of bureaucracy, which discourages even the most scrupulous savers – explains Marco Tricarico, founder of the startup together with his friends Redi Vyshka and Francesco Laffi – With Switcho we start from the personalized analysis of the current consumption of each user: we read the bills, in particular the data related to the cost of raw materials, and consequently we propose the option for which we are sure there is a saving. Then a dedicated team takes care of the bureaucracy and the administrative part on behalf of the client. There are also cases – about 10% – where the user’s situation is already optimized: when this happens, of course, we tell them, advising them not to switch. We are the only ones doing this in the market, precisely because our company mission is to save our customers money.” 

Founded in March 2019, Switcho – which now has a team of about 12 people including technology, marketing and customer support experts – has already contributed, in its first 16 months on the market, to propose “switches” for more than $2.4 million (€2 million) in savings. 

In addition, with a total funding of $1.2 million (€1 million), it aims to extend its service to other recurring items of expenditure, to become a savings tool able to assist the user in the management of all his ordinary expenses: “Soon we will introduce insurance and mortgages to the platform, but we are also looking at Pay TV and the optimization of subscriptions to online services such as Netflix, Dropbox or Spotify – concludes Marco Tricarico – We consider ourselves a fintech startup: our goal is to become an increasingly evolved tool for aggregating and monitoring our own recurring expenses, so as to have a control of the incidence of spending on income in a continuous way over time and the possibility to suggest more and more optimization actions.”

__

(Featured image by stevepb via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in TECNOGAZZETTA, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.


Source link – born2invest.com
Author: Leah Marie Angelou, Fintech – Born2Invest

Latest news

3 cheap UK shares I’d buy before the Stocks and Shares ISA deadline

The 5 April deadline is fast approaching for this year’s ISA allowance, and I’m looking for some of the best UK shares to buy...

Travel firms ‘excluded’ from government support

Many travel businesses continue to be “excluded” from government support despite not trading for almost a year, according to an industry trade body. The Association...

Fears grow for 5,000 UK steel jobs as lender collapses

The principal financial backer of one of the UK’s largest industrial groups has fallen into administration. Specialist bank Greensill Capital was the main lender to...

Finance

3 cheap UK shares I’d buy before the Stocks and Shares ISA deadline

The 5 April deadline is fast approaching for this year’s ISA allowance, and I’m looking for some of the best UK shares to buy...

UK stock investing: 2 shares I’d buy today for passive income

One investing goal of mine is to generate more passive income. I want to be able to bring in more money from my holdings...

Here’s how I invest in FTSE stocks like Warren Buffett

Warren Buffett is one of the most successful investors in the world. To say that when he talks, people listen, is an understatement. The...

Business

Bank governor says UK economy will never return to pre-Covid pattern

The UK can see light at the end of the Covid-19 tunnel but the economy will never fully return to its pre-pandemic pattern, the...

Female freelancers have faced “disproportionate financial struggle” during the pandemic

On International Women’s Day, IPSE (the Association of Independent Professionals and the Self-Employed) has warned that female freelancers face a “disproportionate financial struggle” during...

Why gold is now very oversold

The Dow Jones saw a little selling pressure this week; down on Tuesday, Wednesday and Thursday, but up on Monday and Friday.  For the...

COVID-19 puts women’s careers on hold

COVID-19 is having a detrimental impact on women’s careers, according to new research from LinkedIn, the world’s largest professional network. The study of 20,000+ working...