We are publishing an interview of Mr. Viswanadh Akella – CEO, Simplyfi Softech India Pvt. Ltd. – A Bangalore based startup which has created india’s first Crypto bank.
About the founders:
- Viswanadh Akella is the CEO of SimplyFI . He believes in “Simplification is ultimate sophistication”. SimplyFI started with an idea to make alternate investments simple and easy. He is an IIM Kohzikode alumnus and holds an engineering degree from Andhra University . He has 13+ years of experience in IT. He worked on Innovation Management,Product development, engineering & sales. Viswanadh Akella worked at SAP Labs as Innovation Program lead before starting SimplyFI.
- Narayanan Lakshminarasimhan holds an engineering degree from Anna University with 12+ years in Software Development, Architecture and Project Management. He worked with many MNCs in architecting their Mobile & IOT strategies . Narayanan previously worked at SAP Consulting as a mobility & IOT lead. Tech by heart and soul he is driving SimplyFI`s Product Development as a CTO
- Venkatesh Siruvuri holds an MBA degree from Andhra University with 13+ years experience in HR, Business development, Sales. He is a serial entrepreneur. Venky has led many startups to succeed by sharing his startup experiences ,ideating and growing the idea to market ready solutions . Venky is now focusing on driving SImplyFI to next level as a COO.
What is the problem you are trying to solve? Can you share with us any insights that led you to believe that this is a big enough problem?
With the advent of crypto currencies like Bitcoin, Ether, the revolution is leading to new breed of alternate investment instruments . The advantage is that these instruments are less volatile compared to conventional equity market and returns are high.
To leverage the benefits of Alternate investment instruments you need power of SimplyFI`s Bitcoin Artificial Intelligence Trading platform (BAIT). The platform will make your wallet a powerhouse of investment. This class of instruments are growing at a great pace and we believe this will revolutionise the way investment happens in future.
What is the uniqueness about your Startup?
We are aiming to be India’s First Crypto Bank with investments, loans & payments and make cashless economy more successful.
Why do you choose crowdfunding?
Funding is crucial for us to invest in design, development of alternate investment instruments, technology development in areas of deep learning & cryptography.
Building the network of investors & other financial investment firms to use the platform.
Why should anyone or investor back you?
The platform is highly secure and intelligent to get you good returns on your investments without your intervention. This is a whole new concept of investing. While you focus on your core the financial investment and growth of your crypto assets is taken care by BAIT. It is not just crypto currency trading, the AI tool will choose from many Alternate investments instruments to make your crypto currency grow. To name a few alternate instruments : Bitcoin ETFs, Mutual Funds, Syndicated loans will be chosen by BAIT .Buy any crypto currency and experience the magic of how your investment will grow.
Where can people back your project?
What would you do after raising funds?
The Funds will be used in research and development of Alternate investments instruments, Technology development, Marketing of BAIT platform.
What is the revenue model? What is the logic behind it? What is the model you are following – Free / Freemium / Premium etc. ? Explain your thought process.
The app can be downloaded from App stores and is free for one month and we charge a minimal fee for transactions on BAIT platform.
Who are the consumers that you are targeting? How is this going to affect them?
Investors, Crypto Miners, banks & Investment firms etc.
What is the big picture of your startup? Will it lead to something bigger? If so, how?
We aim to be a global product with million users subscribing on the platform by end of 2018. The whole class of alternate investment instruments is new and has great potential. We have an early mover advantage on this class of financial instruments and we hope to be the worlds best in these instruments.
What is the success story of your startup in your own words?
We have two challenges on our way to success: Adoption of the platform and the second regulation in India. The first one will be a easy to crack as we are seeing great traction for the platform and our offering. Government of India has to legalise the trading of Crypto assets and we are hoping to see an approval shortly.
We look forward to be India`s first crypto bank offering investment, loans, payments and play an important role in Cashless economy.
Thanks Mr. Viswanadh. Best of luck!