- We put ourselves in the shoes of an aspiring investor in Pakistan and immediately found ourselves overwhelmed with all the intricacies that come with investment. It highlighted the lack of a good platform that allowed laymen to invest.
- There is a lot of hesitation in the general public regarding investment owing mostly to the large sums of capital required. Solving these two problems and making investment easy for the general public was our main source of inspiration behind this project.
What it does
With a team of financial and legal experts, Finvest ensures the user does not face any of the hurdles that he normally would including regulatory compliance and financial expertise. The user need only choose how much and on what he wishes to invest with the potential risk and reward mentioned and Finvest takes care of the rest.
We have an EasyInvest option that allows users to pool in cash amounts in the first 20 days of each month. The entire amount is invested by us without the users having to worry about where and how. At the 1st of each month the cumulative ROI on the entire amount is divided among each user in accordance with their investment while Finvest takes a small cut for their troubles. This will most probably be done in fast return investment types like stocks and potentially crypto (if it is legalised). The users will not lose more than a small percent of their investment that will be communicated to them in advance.
For more experienced investors
Finvest will feature specific investment projects with deadlines and target in separate categories. E.g., Investment in a new mall could be a project with a target of 100,000,000 pkr in a deadline of 2 months. Users pool in on it if they like the project. The amount is invested once the target is reached and each user gets ROI based on their invested amount.
How we built it
We started off with establishing user requirements. Once requirements were established, work was started on the back-end and the UI/UX in parallel. So, by the time the design was ready, so was a lot of the backend work. We then started developing the front-end and at last integrated everything to get a finished product.
Challenges we ran into
The APIs provided were JSBank were not working for us even after trying everything (randomising trace numbers, changing company name, requesting auth from the same client that would send the requests etc). A lot of our time went into it but all in vain. We then decided to create our own API endpoints on the back-end to handle authorisation/authentication/wallet etc so that we had a finished product to show for all our work.
Accomplishments that we're proud of
The idea itself is what we are most proud of. We find that is is absolutely essential and at the same time lacking in Pakistan. This could prove to be a game changer for increasing financial literacy in Pakistan. Furthermore, creating a full-stack web application in two days was no less than a herculean task and we think we deserve some applause for that as well.
What we learned
The biggest takeaway for us was that if we set our minds to anything, we can do it. From coming up with an idea to creating a finished product in two days was not something we'd thought possible before. We also used some new technologies in our stack like Nextjs, something that we don't normally code in. So all in all, it was a great learning experience.
What's next for Finvest
Although hoping for the best, we will proceed with launching Finvest regardless of the outcome of this Hackfest. We feel that it is absolutely a necessity with a lot of untapped market scope.