Meet A Company Based In Mumbai That Aims To Make Children And Young People Financially Wise
The launch of the Mumbai-based IAMIN World focuses on developing vital life skills for children and young people: financial education. It makes money and its concepts easier to understand and implement.
Ankit Shah knew what position he wanted to start long before he decided to pursue it: financial education for children.
Aware that many children have no skills or training in this important life skill, Ankit launched the IAMIN-World financial education platform in Mumbai in July 2020. The program aims to help children and young people begin their financial journey early in life. thus they are enabled to make sound financial decisions. It also allows the target audience, children attending grades 1-12, to start early on their real money/savings-investment journey.
"IAMIN World makes money and its concepts easier and more practical, making these life skills more attractive. In India, parents do not discuss money with their children and teenagers, leaving them to gain their understanding in university or at work. of misunderstanding of money at a young age, " says Ankit.
He adds that he feels very sorry about this position, as his father instilled in him a habit of keeping an account at a young age.
"He gave me unlimited pocket money on one condition; He needed to keep a record of all purchases and carefully store all the invoices. If I bought it at a store that did not issue an invoice, my father would ask me to just stop going to that particular store," he recalls.
At the age of 19, Ankit also borrowed money from his father to invest in the stock market and lost 90 percent. The lesson learned is that "you have to educate yourself before investing."
“The third reason is my daughter. He is eight years old now, but he was five years old when he was very strict about owning a toy truck. So much so that he broke his pig bank, asked for donations from the family, and was still less than the 10,000 rupees he needed until I donated. This process made him appreciate not only the money but also what he bought with it: the toy he continues to play with, " says Ankit.
Learning to value money is important, and that is what IAMIN World wants to help children and young people do. Once Ankit got the idea, he worked to build his team through round connections and references. Ankit, an MBA from the SP Jain Management Institute, previously ran his own family business, which is dedicated to making plastics and real estate. Today, the IAMIN World team is made up of 15 people.
The name of the founder, IAMIN World, reflects the founding philosophy of the founder. I AM IN marks "I invest," and the platform focuses on five key balances of financial skills: spending, savings, investing, income and learning.
The main product is based on high proficiency, low efficiency, and learning outcomes. A set of skills and learning outcomes are defined for each age group.
For grades 1-3, this can be learning about the concept of money, real money-making, realistic control skills, financial security idea, basic financial terms, implementing financial feedback, and learning how to save. , invest, buy. and use it wisely.
The sessions focus on the financial world for young people studying in grades 10-12. The goal is real-life skills that are essential: estimating future income, tracking bank balance, meeting financial commitments, insurance concept, student loans, paid employment and self-employment, and prioritizing spending.
Modules may vary, but the ultimate goal is the same: build a solid financial foundation, learn to be financially sound, and have the tools for a better financial future.
Every enrolled child can access a learning platform where he or she can learn at his or her own pace.
"We have created a demonstration in a web series format where we will launch a new learning session every week. With the LMS, everyone will be shown real-world tools such as prepaid cards, apps, and personal cards. high school grades 7-12, " says Ankit.
The team has partnered with RBL bank to obtain a prepaid card; the bank uses the parent KYC.
Market and future
With children under the age of 18 making up about 41 percent of India's total population, fintech has found a new customer base.
Sources such as Birdfin, a fintech program that teaches children how to manage money through play; FamPay, India's first bank for teens that allows parents to track spending and savings; Finin, a new bank that provides AI-operated operational information and rescue tracking; and Walrus, a youth payment program, creates big waves in the fintech unit for kids and teens with their creative offerings.
Today, IAMIN World also competes with companies such as June, a smart children's digital money card that enables children to make digital and physical purchases.
“Our business model is registration fees. As an introduction to education technology, we sell programs that parents enroll their children after paying enrollment fees. Since we are completely digital and the content is already created by us, a united economy will work on our behalf as we can accelerate. However, the economy of the unit will depend largely on the purchasing power of the customer, "says Ankit.
The program fee is Rs 2,399 for the youth group (grades 1-6) and Rs 4,899 for the adult group (classes 7-12).
The edtech team aims to find 50,000 paying users in the next three months and one million users in the next 18-24 months.
"We have plans to bring this product to the world as there is a global need for parents to raise sane children. We plan to launch it internationally within three months. In the next 12 months, we will find ourselves in at least five countries, "says Ankit.