FinSpark is a subscription-based financial education platform with the aim of making financial literacy accessible to everyone. Through their skillfully crafted content, FinSpark has successfully gained 100k users and is ready to make the move into paid knowledge subscription.
|337% of target||0 days left|
|Min Target||RM 445,000|
|Max Target||RM 2,000,000|
FinSpark is one of the most promising financial content providers among Malaysia's youth, offering access to their financial education library, which includes videos, articles and libraries. FinSpark believes that financial education and planning should be made available to everyone. FinSpark has always focused on quality, interactive and professional content to cater for local demand in Asia. Besides, FinSpark will provide quality and affordable financial planning and products to help people in achieving their financial goal. FinSpark made their start by providing finance knowledge and managed to successfully gain 100k followers in its first 6 months, and is ready to move into the realm of paid content subscription.
By implementing the models of the "Sharing Economy" with "Paid Knowledge", FinSpark will be able to price their service at 95% lower than most of the market content providers while simultaneously providing wide range of finance knowledge to public.
By lowering the entry barrier of personal finance management, FinSpark has come out with its slogan of “Now Everyone Can Invest”.
According to studies, Millennials make up the largest population of consumers in Malaysia and have high spending power. However, studies also show that Millennials have poor financial health as they often spend beyond their means due to their impulse-buying behaviour and lower financial literacy level.
The lack of financial literacy of younger generation has been increasingly alarming and it will result in more serious financial concern. Although 64% of working millennials save a portion of their income every month, they do not have the financial knowledge to manage it effectively or the saving is only focused on short-term goal. In order to have instant gratification, 40% of Millennials agreed that they spend more than they can afford and 47% of them are engaged in expensive credit card borrowing.
Moreover, it is hard for Millennials to improve their financial literacy on their own as there is limited financial educators, books and platforms that are affordable, accessible and interactive. Traditional financial advisors, planner and investment consultants in the market has failed to acquire the attention and trust of Millennials, result to most of the Millennials are skeptical of the professionalism of financial advisors and planners.
Enter FinSpark, a subscription-based financial knowledge content provider and online community for those wanting to expand their financial know-how. By offering access to their continuously expanding financial education library, which includes videos, articles and libraries, FinSpark introduces the solution to the lack of affordable and professional financial education resources impeding Millenials from reaching their financial goals.
In order to stand out from the growing crowd of content creators, FinSpark has developed a set of guidelines and strictly practice it in their content creation to achieve localisation and provide a user friendly experience. Inarguably, most Millennials spend their time looking for information online and this has always been the channel that FinSpark uses to reach Millennials.
Enjoy unlimited access to introductory & comprehensive and in-depth finance education library which includes past and new videos, articles and podcasts through subscription:
Content Subscription Model
There will be two subscription model available to FinSpark users: Basic Subscription plan at RM9/month and the Premium Subscription plan at RM399/year. Subscribers have access to our financial education library, which includes videos, articles and libraries. The library will be updated constantly with the latest financial topic or concerns in the region and well-known financial theory in the world.
Cost per customer, for production and marketing of content, is estimated at no more than 20% of revenue.
Financial product providers pay package fees for brand association and the co-creation of content. Their brands and products will be available on our platform. FinSpark has a strict guideline on selecting partners to provide the best for our users.
Financial Advisor and Planning Service
There will be a team of board-certified financial advisors who are carefully selected to provide unbiased and personalised financial guidance to paid users. Moreover, the financial advisor may also design and strategise a plan based on your financial goal such as paying off debt, preparation for retirement and saving for major purchases.
FinSpark's main target market is millennials, particularly those with low financial literacy.
Prior to its official launch, FinSpark had successfully captured 3% of the total potential market in Malaysia within the short span of 6 months.
The market opportunity is huge as statistics from Ministry of Finance Malaysia has clearly shown that more than 50% of millennials are not confident in their financial literacy and most of them are still unfamiliar with the service a financial advisor can provide. Besides, the lifetime value of a millennials is longer and with FinSpark’s dedicated service, FinSpark can be a lifetime financial partner for millennials.
We believe financial literacy is for everyone and that subscription-based models are the most affordable business model for users. As we develop long term relationships with users, the cost of development and production can be much lower than traditional education provider.
Partner with traditional finance product and service providers for advertisement listing
Launch FinSpark subscription to the existing community
Launch FinSpark App that offers personal money management tools for financial analysis
Offer content in additional languages to FinSpark platform to expand our community
Launch live video financial consultation or planning with FinSpark board-certified financial advisor with affordable price
Expand into Southeast Asia market, including Singapore, Thailand and Indonesia
Provide an unbiased platform for financial gurus/speakers
Launch FinSpark-exclusive technology to support our financial products and services
Expand to China and wider Asia market
Expand to other countries by partnering with local finance speaker
Open up to acquisition or Joint Venture opportunities with lead financial market player(s) that share the same values and have existing user base across key markets for expansion
Technology - Development & Launch of FinSpark Content Product (Subscription Base)
Development of a whole new platform out from social media that contains video contents together with webpage tools. By providing on page free content, users can be attracted and convert to paid users. In the end, evolve to subscription content platform.
Working Capital - Form a larger team
Our team has been always small but when comes to more users, a larger and more efficient team is a must. New team will be mainly consists of development technician, content provider and video producer.
Talent resources and operations for new business set up: Engaging more content provider to grow our community, local content and consequently, drive sales. Basic operation of a new company.
Strengthen Sales, Marketing & Convert Customer Base
Customer Acquisition & Retention Strategies: New funds will help us engage in stronger marketing initiatives and efforts converting from social media, which has been accumulated up to 115k followers.
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