Chumz is pioneering a revolutionary savings approach in Kenya, offering an easily accessible online platform that leverages behavioral psychology to guide users on optimal saving habits aligned with their financial lifestyle.
Targeting the underserved retail investment market, the startup has gained traction with over 70,000 registered clients in less than a year, allowing users to commence saving with as little as US$0.05. The platform operates by directing funds from users' mobile money accounts to licensed fund managers, who, in turn, generate returns that are distributed back to individual clients.
While having secured only angel funding, the platform displays promising growth and aims to extend its transformative financial services beyond Kenya to the broader East African region later this year. The startup is led by CEO and co-founder Samuel Njuguna, who is also behind Kenyan mobile money startup Chura.