Bangalore, April 2024: Jar offers a streamlined investment journey that takes minimal time and customers can start saving money in small amounts, which gets invested in 24K, 99.9% pure gold. With Jar, users can save effortlessly and convert it to cash or receive physical gold at their convenience. Jar’s revolutionary round-off method effortlessly accumulates spare change from every transaction and invests it in gold so users can save that extra bit every month.
The company’s remarkable growth has not gone unnoticed. Jar won in the Best WealthTech Startup category at the Global Fintech Awards 2023 and was even mentioned as being one of the top UPI auto-pay players in the country. Jar was also recognized by LinkedIn as one of India’s Top Startups of 2023.
In the last 3 years, Jar has truly made leaps and bounds in the digital gold space, having started with a simple thought. Traditionally, there have always been high entry barriers in savings and investing: a high ticket size to start investing, time to understand and get started, and the complexity of the financial products.
From humble beginnings in Hassan, Karnataka, and Bihar Sharif, Bihar respectively, both Nishchay Ag and Misbah Ashraf had seen first-hand how middle India both earns and spends on a daily basis. They knew there was a gap in the market for a financial product that could help millions of people save better and get them started on their financial fitness journey.
That’s how Jar was born and, through Jar, these barriers of entry have been reduced significantly by leveraging the two most widely adopted financial tools in India – UPI and gold. Gold remains a popular investment in India, with over half the population (53%) choosing it. Now, a growing number of young investors are turning towards digital gold.
After getting a foothold in the gold space, Jar now plans to expand its offerings to include Lending, Investments, and more to meet the needs of its ever-growing user base.