MyFi: How It's Empowering Indians with Investment Intelligence for Smarter Wealth Decisions

The fintech industry in India is growing fast, especially in terms of digital investment. In 2024, the total transaction value in the digital investment market is expected to reach $148.10 billion, with a growth rate of 4.31% annually, projected to reach $175.30 billion by 2028.

MyFi is part of this exciting shift, offering an AI-powered financial assistant. It helps break down the complexities of investing, making it easier for people in India to make better financial decisions. With a simple, conversational approach, MyFi guides users through their financial journey.

In this article, learn more about MyFi, its founders, business model, challenges, growth, future plans, and more.

MyFi - Company Highlights

MyFi - About

MyFi is India’s first conversational AI assistant designed for long-term wealth creation. It is not just another FinTech app; it is your unbiased financial companion, built at the intersection of AI and deep financial expertise. MyFi leverages research-driven, fact-based investment intelligence and advanced AI models to provide personalised investment guidance.

The company hopes that its users are able to have conversations with MyFi that they otherwise may not be confident about having even with an individual.

MyFi differentiates itself through a combination of AI, quantitative financial models, and a user-centric approach. Unlike traditional financial services, MyFi combines advanced technology with deep domain knowledge to provide accessible, data-driven solutions.

Backed by TIFIN, MyFi leverages global expertise to deliver personalised investment guidance to Indian investors. As part of TIFIN's broader mission to democratise wealth management, MyFi is reshaping the industry by offering a scalable, efficient, and user-centric approach to investing.

MyFi - Industry

The Indian investment landscape is experiencing significant growth, with mutual fund folios reaching 191 million and demat accounts surpassing 160 million in 2024. This highlights the increasing complexity of the market, thus making informed decision-making more critical than ever.

At MyFi, the team recognises the challenges and opportunities this presents. Their mission is to simplify financial planning for individual investors, providing them with the tools and insights they need to navigate this intricate market. By leveraging advanced AI, MyFi aims to offer personalised conversations that help users make better investment decisions.

MyFi's target market includes India's rapidly growing middle class and digitally savvy population. They anticipate this market will continue to expand, driven by the increasing accessibility of digital financial services and a greater emphasis on long-term wealth creation.

In the next few years, MyFi's goal is to assist its users with the overall financial management of their lives. They aim to be the financial companion you turn to for major financial decisions or to clarify any financial term you don’t understand. MyFi wants to holistically impact an individual’s wealth outcomes through personalisation. Looking ahead, the team envisions MyFi playing a pivotal role in transforming the financial industry by enhancing user experiences and investment outcomes.

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MyFi - Founders

Kiran Nambiar and Kinnari Thakker are the powerhouse duo behind MyFi, with Kiran also serving as CEO and Kinnari as CXO (Chief Experience Officer).

Kiran Nambiar

Kiran’s career began with a Bachelor’s degree in Engineering and Computing from Imperial College London. After starting at Bank of America Merrill Lynch and spending seven years at Morgan Stanley, he co-founded 1st Main, a digital agency that TIFIN later acquired. His role as a partner at TIFIN honed his skills in wealth management innovation. In 2024, backed by TIFIN, Kiran launched MyFi to bring AI-driven financial conversations to users, aiming to simplify and personalise financial management.

Kinnari Thakker

Kinnari Thakker brings a complementary skill set with her Master of Design (MDes) in Communication Planning and Information Design from Carnegie Mellon University. Her career includes roles as Chief Design Officer at TIFIN and co-founder of 1st Main, alongside Kiran. Kinnari's expertise in design has been crucial in developing MyFi’s user experience, ensuring it’s both intuitive and engaging.

Their shared history of successful ventures and complementary skills create a strong foundation for MyFi.

Bringing all of this to life would not have been possible without Dr. Vinay Nair and Bhavna, both of whom are key figures at TIFIN. Dr. Nair, TIFIN’s Founder, and CEO, has a notable background in fintech and personalised wealth management, including founding 55ip, which was acquired by J.P. Morgan. Bhavna, TIFIN India’s Chief Operating Officer, brings over 23 years of experience in cross-border investing, capital markets, and corporate finance, having worked with firms like Morgan Stanley and Citi India.

Vinay and Bhavna have both been key contributors in shaping the product they have today and continue to be actively involved in MyFi’s growth and strategic direction.

MyFi - Startup Story

The inspiration for MyFi came from Kiran's experience in the financial technology sector, which has been a major part of his career. He firsthand saw the significant gap in financial literacy among individuals in India. The growing number of people investing their money highlighted the urgent need for accessible and unbiased financial guidance.

The next step involved identifying the specific issues within this gap. Through surveys and in-person interviews, they discovered that many investors lacked qualified financial support, often depending on informal advice from friends or family, which wasn't always accurate or reliable. This feedback emphasised the need for a solution that could provide reliable, informed guidance.

With these insights, they developed wireframes and mockups to bring MyFi's core features to life. There was a lot of feedback and back and forth to the drawing board before they started to build the product. This iterative process allowed them to refine their product and ensure it met real-world needs. It also helped them understand the complexity of the problem they were solving and what to focus on from the start. The validation from initial discussions and the positive response they received affirmed the project's potential and set the stage for its development. The people they spoke to came from a range of backgrounds, including VC firms, HNIs, and individual investors with a range of incomes starting from around 5 lakhs per annum to people working in wealth management firms.

Ultimately, this not only confirmed the necessity for a tool like MyFi but also solidified their commitment to creating a product that genuinely empowers individuals in their financial journeys.

MyFi- Mission and Vision

Our vision for MyFi is financial freedom for everyone. MyFi aspires to become a wealth assistant, empowering the masses in India to build long-term wealth and achieve better financial outcomes.

Managing mutual funds in India is complicated, requiring investors to stay updated with constantly changing market trends. That's where MyFi comes in—it is here to help individual investors navigate these complexities and reach their financial goals.

Given the sheer volume of investors in the country, this is a segment that cannot be addressed solely through human interaction. MyFi's strategy leverages the extensive knowledge and experience of TIFIN’s investment combined with advanced technology, addressing the complexities of financial planning in a user-friendly way.

In the long run, MyFi aims to make informed financial decision-making accessible to everyone, while also promoting financial literacy across India. Building trust and delivering real results are essential to this journey. By sticking to the core value of "Impact through Innovation at Speed," shared with TIFIN, the founders ensure continuous improvement and refinement of the platform. This commitment helps them continually enhance MyFi, striving to make it the go-to wealth management solution for millions of Indians.

MyFi - Products/Services

MyFi is here to make financial planning simpler and more accessible. More than just a financial tool, MyFi is a personal guide through the maze of investing. Its mission is to simplify financial planning and make it accessible to everyone, regardless of their expertise.

MyFi stands out by using advanced AI to engage in meaningful conversations with users. This AI isn’t merely about churning out data; it aims to understand each user's unique financial needs and preferences. MyFi’s technology is designed to make these conversations as intuitive and insightful as possible.

The innovation lies in how this AI is blended with the expertise of the in-house team. With two decades of investment experience shaping the recommendations, MyFi’s algorithms ensure that insights are based not only on current market trends but also tailored to each user's specific situation. When users connect their portfolios, MyFi’s technology assesses them in real time, offering suggestions that fit seamlessly with existing investments.

MyFi’s unique selling point is its combination of transparency and expertise. As a SEBI-registered investment advisor, MyFi ensures that its recommendations are entirely unbiased, with no commissions or hidden motives—just straightforward, quality guidance intended to empower users.

As it continues to grow, MyFi remains committed to empowering individuals with the confidence and clarity they need to make smart financial decisions and secure their financial future.

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MyFi - Business and Revenue Model

MyFi operates on a subscription-based model designed to keep things simple and transparent for users. For INR 299 a month, subscribers receive full access to everything the platform offers.

This model enables MyFi to provide reliable, ongoing support while ensuring that users can comfortably integrate MyFi into their financial routines. The focus is on making high-quality financial guidance both accessible and affordable, allowing users to concentrate on making smart financial decisions without breaking the bank.

MyFi - Launching Company Strategies

Getting the first 100 customers is always a big win, and for MyFi, there was a clear plan to make it happen quickly. The initial move was to announce MyFi through a press release featured in various influential news sources, setting the stage for the launch. From there, the campaign ramped up with targeted influencer marketing. Six influencers were carefully selected, ranging from financial experts to lifestyle figures, with followings between 10,000 and over 500,000 on Instagram, to generate buzz and draw attention to the app. MyFi also partnered with coworking spaces in Bangalore and organised pop-up events to engage directly with potential users.

Additionally, affiliated advertisements and WhatsApp notifications were used to reach potential customers. This approach allowed MyFi to engage with users who might not have been targeted through other channels, helping to cover all bases and build awareness about the platform.

The results of these strategies were impressive. Within two months, MyFi saw over 10,000 downloads and 900+ connected accounts. Assets linked through the platform also crossed INR 400 crore. The early engagement achieved through these efforts not only helped hit initial targets but also laid a strong foundation for ongoing growth.

MyFi - Growth

MyFi is experiencing exciting progress at the moment. Operating primarily out of Bengaluru, the company has plans to expand further as it grows. The user base is steadily increasing, with impressive week-on-week growth of 50%.

The current focus is on connecting accounts to the platform, which has been going significantly better than expected. The target for the quarter ending September was INR 250 crore, and by the end of August, MyFi had already crossed INR 400 crore.

Although still in the early stages, these metrics reflect a strong start and indicate a promising path forward.

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MyFi - Challenges Faced

When MyFi was launched, one of the biggest challenges was adapting the technology for the Indian market. While the team had successfully built Magnifi for the US, they recognised the need to tweak it to fit the unique needs of Indian investors.

The main hurdle was understanding how the Indian financial landscape operates differently from the US. The team had to delve into the specifics of market behaviours and user preferences in India, which involved a learning curve. It wasn’t just about translating the technology but ensuring it felt right for the new audience.

To tackle this, the founders engaged with financial experts and gathered real feedback from potential users. The product was adjusted based on this input, ensuring it was relevant and easy to use. This process involved considerable trial and error, but it ultimately helped shape MyFi into something that truly connects with Indian investors.

By blending their experience in the US with adaptations for the local context, the team created a product that not only leverages proven technology but also feels tailored to the needs of Indian users.

MyFi - Competitors

Share the major competitors of MyFi include:

1. MoMoney
2. Dezerv
3. Mool.ai
4. Liquide
5. Scripbox
6. ET Money

MyFi - Future Plans

In the next 1-2 years, MyFi is excited about expanding its capabilities and reach. The focus will be on enhancing the user experience and adding features that will make financial management even more intuitive and effective.

One key area being worked on is expanding the portfolio analysis and recommendation features. MyFi plans to introduce more tools that will help users not only manage their investments but also plan their long-term financial goals. While the current focus is on mutual funds, stocks will be introduced on the platform in the coming months.

On the business side, MyFi aims to continue growing its user base. The company is exploring partnerships and collaborations that will help reach new demographics and build brand awareness. Additionally, there are plans to expand offerings beyond mutual funds to include other investment avenues that users are interested in.

FAQs

What is MyFi?

MyFi is India’s first conversational AI assistant designed for long-term wealth creation. It is not just another FinTech app; it is your unbiased financial companion, built at the intersection of AI and deep financial expertise.

Who is the founder of MyFi?

Kiran Nambiar and Kinnari Thakker are the founders of MyFi, with Kiran serving as CEO and Kinnari as CXO.

Who are the competitors of MyFi?

Some of the major competitors of MyFi include MoMoney, Dezerv, Mool.ai, Liquide, Scripbox, and ET Money.