{"id":76531,"date":"2021-10-15T08:30:00","date_gmt":"2021-10-15T06:30:00","guid":{"rendered":"https:\/\/cms.munich-startup.net\/?p=76531"},"modified":"2022-06-30T15:27:03","modified_gmt":"2022-06-30T13:27:03","slug":"finfio-7-questions-interview","status":"publish","type":"post","link":"https:\/\/cms.munich-startup.net\/en\/76531\/finfio-7-questions-interview\/","title":{"rendered":"Finfio: Retirement planning software for financial slackers"},"content":{"rendered":"
\n

Munich Startup: <\/em>Who are you and what do you do? Please introduce yourselves briefly!<\/strong><\/p>\n\n\n\n

Uwe L\u00e4tsch, Finfio:<\/em> Hello, I am Uwe L\u00e4tsch (39, Product Development & Management) and together with my colleague Dariusz Borowski (47, Software Development & Architecture) I founded our Pension startup Finfio.de<\/a> We, the founders, met and grew to appreciate each other at our previous employer, Check24 Finanzen. We have now gained years of experience in fintech, insurtech, and software development. It was therefore only logical that we would want to establish our own company in this area as well.<\/p>\n\n\n\n

After conducting over 200 user interviews in the area of finance and retirement planning, we were struck by the fact that there is still no good and comprehensive solution with a concrete retirement planning plan for the end consumer to be able to make financial decisions independently for old age.<\/p>\n\n\n\n

Munich Startup:<\/em><\/strong> What problem does your startup solve?<\/strong><\/p>\n\n\n\n

Uwe L\u00e4tsch<\/em>: With Finfio, we're developing a new retirement planning platform that helps people easily start their retirement planning. One in six average earners in Germany hasn't yet made any plans for their retirement, and among low-income earners, that figure is one in three!<\/p>\n\n\n\n

Finfio as a navigation for retirement planning procrastinators<\/h2>\n\n\n\n

Unfortunately, people tend to repeatedly put off planning for retirement, so we're developing intelligent software that enables even the most inexperienced financial aficionados to independently conduct medium- to long-term retirement planning. We automatically create a free retirement plan, tailored to the user and their current life situation with clear step-by-step instructions. We use it to navigate retirement planning procrastinators through the opaque financial jungle and show them "truly all" of their options for securing their retirement.<\/p>\n\n\n\n

Munich Startup:<\/em><\/strong> But that's been around for a long time!<\/strong><\/p>\n\n\n\n

Uwe L\u00e4tsch<\/em>: No, the existing solutions are either so-called financial management apps that only help with short-term savings and spending optimization, but not with retirement savings and the all-important wealth accumulation. Or there are isolated solutions for individual retirement planning options, such as trading, robo-advisors, insurance, conventional retirement savings, real estate, and so on. However, comprehensive retirement planning for private households encompasses all of these different retirement planning options and requires a medium- to long-term planning perspective. Diversifying the risks of each of these individual activities is the expert recommendation, and that's exactly what we implement for our users.<\/p>\n\n\n\n

Personal pension plan created in a short time<\/h2>\n\n\n\n

Our idea: Comprehensive and independent retirement planning software that allows every consumer to create a personal retirement plan independently and easily, and all within minutes.<\/p>\n\n\n\n

Munich Startup:<\/em><\/strong> Has there ever been a point where you almost failed?<\/strong><\/p>\n\n\n\n

Uwe L\u00e4tsch<\/em>: Limited time and the associated time management were one of the biggest challenges we faced, especially in the initial phase. Before we had the proof of concept, we conducted over 200 user interviews and pulled a few night shifts. At the same time, we were always strongly motivated to push the topic of retirement planning forward, as we recognized that we were meeting a major customer request and a current problem of our time and generations.<\/p>\n\n\n\n

Fortunately, the two founders have extensive experience in building financial technology, MVPs, and especially in product and software development. We are therefore very diversified, and our hands-on mentality and agile mindset have made it easy for us to get started and never stop.<\/p>\n\n\n\n

Munich Startup:<\/em><\/strong> Where would you like to be in one year, where in five years?<\/strong><\/p>\n\n\n\n

Uwe L\u00e4tsch<\/em>: In one year, after an initial Family & Friends test phase, we aim to have successfully completed our go-live. In the medium term, our focus is on preserving the retirement of the average consumer and the associated private wealth creation.<\/p>\n\n\n\n

Basic security in old age for everyone<\/h2>\n\n\n\n

Our vision is to use our retirement planning technology to ensure everyone's basic security in old age. We already know that the state pension isn't enough and that a significant gap can arise. We want to help our users look forward to retirement with confidence. Our goal is to offer people the highest possible level of financial security and freedom long before they reach retirement. We encourage and motivate people to start planning for their retirement today and build real assets!<\/p>\n\n\n\n

Munich Startup:<\/em><\/strong> How do you rate Munich as a startup location?<\/strong><\/p>\n\n\n\n

Uwe L\u00e4tsch<\/em>: We are very happy to be building a startup here in Munich. We already have an exceptionally strong network both within the city and beyond. This network has provided us with a great deal of support to date. Through our professional careers, we have been able to meet many experts from a wide range of industries: finance, insurance, marketing and sales, and even venture capital. Coaching from advisors and experienced business angels, as well as discussions with industry experts, have also helped us.<\/p>\n\n\n\n

Munich Startup:<\/em><\/strong> Quick exit or long breath?<\/strong><\/p>\n\n\n\n

Uwe L\u00e4tsch<\/em>First, we learn together with our users and based on their needs and wishes. We are thus developing the first truly customer-centric retirement solution. This will close the retirement gap for many people. We want to demonstrate our business model: we only earn money when our users increase their money and save for their retirement! One of our major goals is to make the benefits of purchasing real estate for their retirement planning attractive to our users, along with other retirement planning options. We want to provide those who are reluctant to save for retirement with simple tools so they can finally take care of their finances themselves and stop putting it off any longer.<\/p>\n\n\n\n

In the future, we are considering expanding and growing internationally in all of our successfully proven business areas. Our technology allows us, currently the only provider on the market, to expand into 17 additional European countries. We are also in close contact with the financial industry and experts, as several companies have already taken notice of us. In addition to the existing pension problem, there is also the decline of branches and the associated consulting gaps. This presents us with opportunities and potential to offer our solution, for example, to B2B customers. So, we still have a lot planned and want to make a difference, and we are not yet considering an exit.<\/p>\n\n\n\n

Update 3.6.2022: Finfio has since renamed itself to\u00a0Vinlivt<\/a>.<\/em><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

With its retirement planning software, Finfio aims to help people concerned with retirement planning navigate the sometimes confusing financial jungle. Founders Uwe L\u00e4tsch and Dariusz Borowski explain exactly how this navigation works in an interview.<\/p>","protected":false},"author":24,"featured_media":76533,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5633,5634,4074,1083],"tags":[3187,52,4425,1055],"acf":[],"yoast_head":"\nFinfio: Vorsorgeplanungs-Software f\u00fcr Finanzmuffel - Munich Startup<\/title>\n<meta name=\"description\" content=\"Mit seiner Vorsorgeplanungs-Software will Finfio NutzerInnen durch den undurchsichtigen Finanzdschungel navigieren.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cms.munich-startup.net\/en\/76531\/finfio-7-questions-interview\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finfio: Vorsorgeplanungs-Software f\u00fcr Finanzmuffel - 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