Jar is helping Indians to build a habit of investing through an innovative mobile app which removes the burden of knowledge and requirement of high capital for investment. The Jar app allows users to make small and regular investments in digital gold which is backed by physical gold of the same amount and users can choose to withdraw the gold or liquidate their investments at any time.
Jar team had started the work on their mobile app in early 2021. As one of the core objectives of Jar app was to make investments easier and effortless for users, they wanted to develop a round-up investment feature wherein app would have a capability to auto-detect debit transactions of users based on SMS alerts of different banks, cards and wallets. 'Don't reinvent the wheel' being their mantra, they realized that such a capability can be availed off-the-shelf.
Speed of execution has been one of the defining features of Jar's DNA, in fact they love to call the Jar app "a rocketship". In those early days of product development, Jar team was literally locked for weeks in AirBnbs in Indiranagar and HSR, working day and night. Staying true to this spirit of fast-pace, they started scouting for off-the-shelf API based solution which could help Jar to auto-detect every transaction of their customers.
In Mar-2021, Jar team reached out to FinArt for potential partnership and integration of our AI/ML powered auto-detection solution for bank transactions. We demonstrated how our API based solution could seamlessly integrate in their mobile app and how extensive coverage of all banks/cards would help Jar in offloading the mechanic work and spare resources to focus on "fail fast - learn fast" cycles which were key to find Jar's product-market fit.
We believe FinArt's B2C mobile app had also played a key role in convincing Jar team during the due diligence phase as they were able to independently verify the quality, robustness and coverage of our solution. After the successful due diligence process, Jar team went ahead with the integration of our API solution.
During early days of integration and pilot testing, we opened multiple communication channels including whatsapp, email , one-to-one phone call support etc to make sure our services didn't add any friction in Jar's existing work streams. Every query and custom requirement from Jar engineering team was addressed in matter of hours. And finally Jar app had successfully gone live with round-up investment feature backed by FinArt AI powered APIs.
Fast forward to today, it has been an extraordinary journey wherein 5Mn+ users have used the Jar app in just 1 year since launch and Jar has been able to raise $36.5 Mn from Tiger Global, CRED founder Kunal Shah and many other reputed investors. Also recently Jar has joined an elite club of 29 startups who are sponsors/partners of IPL 2022, we are sure this is going to accelerate Jar's journey to become a household name for investments and other financial products across India.