SNBL (Save Now Buy Later) model

Those Nike shoes always caught my eyes 👀

As a kid, I used to get Rs. 500 per month for anything that I wanted to buy. While most of it went into canteen samosas and chips, there was always an option to not spend this money and save up for something big. 
 
I had to get those Nike sneakers!

The journey was tough – not spending for a bigger goal, not easy to do as a 12-year-old. Now imagine, your parents telling you that if you save up for the Nike shoes, we will give you an extra Rs. 200 for the month. Wouldn’t that have made the journey much sweeter? 

In our adult life, our desires have moved from Nike shoes to a classy vacation or the latest gadget. Not all consumers can purchase this on a whim. Some need to ‘save now to buy later’. 

Here we have a new start-up that is trying to make our journey much smoother. 

Fintech start-up ‘Tortoise’ is betting on the SNBL (Save Now Buy Later) model. A fantastic concept where one can make deposits towards a big ticket item like a Mac or a trip to the Maldives and on reaching that goal, get extra cashback and rewards once the purchase is made! 

In a recent “mentor round” they have added big names to their portfolio from the likes of Sriharsha Majety, co-founder & CEO of Swiggy and Lizzie Chapman, co-founder & CEO of ZestMoney. 

It’s a breath of fresh air to see a startup trying to incentivise savings in a country where 50% of citizens save only 0 to 20% of their earnings. Tortoise will hopefully be able to positively impact this situation.

#startup #fintech #money