Om Kundu - Founder at SaveAway®

Welcome to another Founder Wisdom podcast. We have Om Kundu with us today. He's a founder at SaveAway, uh, and yeah, SaveAway is, uh, an interesting company for sure. They're about saving together for the things that matters the most, um, with support from friends, family, flexible plans, and rewards for progress. So fintech from the looks of it. Uh, Om, I'm glad to have you on. Tell us a bit more about what you do precisely at SaveAway.

Absolutely. Thrilled to be here in the sound of Mayday. And true to giving power back to people who need it, SaveAway is in a world that is going down the slippery slope of instant gratification, credit debt regret. Empowering the opposite. So for all the abandoned carts from which buyers walk away teary-eyed because they can't either afford the purchase or B, can only do it with the regret of debt, we offer a one-of-a-kind alternative. We've built a tech stack that allows them to save away in installments have friends and family both chime in to make a better purchase decision and also have the option to chip in along with other offers to make delayed gratification cool again. So the buyer passes the marshmallow test and after having saved away in installments with the greater purchasing power is able to get to that purchase in a way that also puts the smile back in the face of the seller because they just had a customer and a sale and a whole new channel they wouldn't have otherwise.

All right. So you've been crunching 12 years at this one. What do you specifically do? Like, what's your product? What problems are you solving?

Awesome. Well, the early days were spent on, you know, clearly getting the patent filed, which was only recently awarded. So it's one of those, to your point, overnight successes. That is often years in the making. You know, my role within the company is to help further it, not just as another platform, but really as a movement that is empowering and solving one of the most unaddressed problems of our times, which is affordability. So many people are getting crushed under the weight of affordability. And so we've, you know, I mean, essentially engineered the solution to it. If you go to SaveAway.net, you can probably see a first version of that in a way that's a lot more eloquent than I could ever say. But really, you know, the biggest and the most important, I think, validation comes from, you know, our early users who share the conviction, who are able to fulfill purchases without the default of a credit card or a credit equivalent option, and see that the platform is really built with their best interests in mind so that they can have the joy of holding in their hands something that they otherwise wouldn't have been, and do so in a way that is a very sustainable path, in a way that they don't have to regret later. Oftentimes, you know, removal— removing friction has become the catchword of our times, but I think we are demonstrating in no uncertain terms that the friction thoughtfully introduced can actually help people make better decisions and find better joy, uh, in the company of their loved ones.

Giving out payment plans for people to buy their— so in, in simple layman terms, you're giving the option to people to buy their— you're doing Correct.

Yes, so we're giving buyers the option to save away in installments, and once they have reached the target amount, have the joy of seeing the purchase in their hands without the risk of credit. Most installment plans today rely on credit that has the risk of becoming debt and/or becoming late fees or other forms of punitive penalties, uh, which is one of the reasons why there is more than a trillion dollars of credit card debt in the US alone. And so, so we're solving for those pains.

Okay, and why aren't, uh, Klarna or Square or Stripe or Amazon— why aren't these platforms— seems to already be solving these problems. Um, so why would you do it better?

Not so much. Uh, you know, I think, uh, if you are someone like me, you know, I guess immigrant without credit history or a credit file that doesn't have or doesn't want to get a credit card, oftentimes you won't even get approved for the credit or the credit line that's needed for a big purchase. So that's really where we come in. When the buyer is walking away teary-eyed from something that they really wanted and they can't afford it, we actually provide the wallet and the stack of offerings that allows them to have the discipline to save away to fulfill the purchase. That's not a capability that any of the platforms that you mentioned offer.

And how do you make sure that they don't default? How do you— what's your system if it's not a credit system? I agree that the credit system is broken, the credit score system, but how do you do it better? How do you make sure that this is a viable, scalable business on your side?

Very simply, the fact that the purchase is fulfilled once they have reached the target amount with their wallet. So, you know, for example, if something costs a grand and, you know, they are only able to save away, you know, $100 every week, they can, you know, set aside 10 weeks, and at the end of 10 weeks, they can actually get that purchase after they've saved up, perhaps even sooner if friends, family, and offers chip pin and get them to that goal sooner.

Okay, but can't they do that with their bank, like save money away, uh, on autopilot? Isn't that like an existing function?

Well, I mean, uh, can, uh, someone take a ride from point A to point B, uh, with a taxi cab that makes, uh, uh, the need to take Uber, Lyft, or something equivalent completely unnecessary, or Waymo for that matter? Yeah, probably yes, but the experience is completely different. There's a lot of negative friction in those cases, and that's often a reason why people are lacking the discipline to be able to save away and end up getting themselves into debt, buying stuff that they don't need with money they don't have.

Well, I feel like probably 90% of legacy banks have the easy function to create an additional account, right? An additional savings account even without calling them, like 2 clicks. And probably 99% of fintechs already have that function, right? So why would they save up to a new brand that they wouldn't even trust, right? Like, because it's a new brand and they would giving you money. Why would they do that instead of— Sure, calling.

But a couple of things, a couple of important things. You know, one is our platform gives the buyer more purchasing power. So we make it one click for friends and family and offers to chip in and add to their savings, uh, number one. Number two is, you know, there is a friction at the end of the process of the negative kind where you can save away a certain target amount, but once you reach that target amount, you're on your own, uh, to then take the next step of making the purchase. And whether you you know, save away for that purchase or throw the money away on something else isn't determined. With our platform, we complete the full loop and make it effortless for you to get— just like the iPod, you could get the song for 99 cents. We actually make sure the merchandise arrives in your hands through the closed-loop nature of the process. So you're not just saving for a certain monetary amount, You're saving for something that you cherish and want to see the joy of, which helps you become that more excited by the process of saving away.

Right. And your LinkedIn, it says 12 years you've been building that company. Can you give me your background and why you're the right guy to build this?

Sure thing. I've spent, you know, at this point more than a couple of decades in the intersection of financial services, working for some of the largest institutions within the retail banking and commerce category. So I've had an up-close and personal view of the trials and tribulations that everyday buyers and consumers face. As much as I've managed portfolios that are, you know, cover millions of users and billions in balances. I've also looked at the stories behind those broader numbers. So yeah, I think that deeper understanding, I think, comes in handy along with my own background of helping be— having been an entrepreneur, building businesses from scratch to tens of millions in ARR.

Okay, so what businesses have you built from scratch to $12 million ARR? Give me a bit more background about yourself again. Like, I need to see like why you're the right guy building this and if you've really been spending 12 years building SaveAway and what's the scale of it today. Like, I'd love to fill in the blanks.

Well, I think, sure, you know, I mean, there's a reason why time is called a fourth dimension. I remember having a conversation with the founder of Kickstarter at one point, and from the time that he, quote unquote, kicked things off and the platform really took off, it took him nearly a decade to make that happen. So I think, you know, in terms of what we're trying to design It's a non-trivial build. I think it's far easier, I guess in some ways, to offer people credit. And I think what we've successfully demonstrated is not only the vision and the mission around how purchases can be made in a way that is sustainable, that keeps people in good financial health, which is, I think, one of the overlooked problems of our times. But I think we've also created the platform to show that, and that's not just in the awarded patent, but that's also in the actual working platform. So I invite you and others that might be listening in to actually, if nothing else, go to saverway.net and give it a whirl. On the front end, we give the user the ability to, clearly have a series of options that they can make a better purchase decision on. And on the backend, we've enabled the payment rails and the payment processing that allows them to save away in installments, allows friends and family to chip in to be able to fulfill the purchase. So, so yeah, I mean, it's a, it's a journey of a million miles. And I would say that people that are actually using the platform I think are actually loving it.

And can you answer a question like the businesses you've exited, like as a founder, do you have a track record? And if so, like what niche and how big was the exit and when?

I'm not a serial entrepreneur. I guess I'm more so a serial entrepreneur. So I can't say that I have tons of quote unquote exits that I've had. In fact, uh, you know, I'm a first-time founder. I've advised other ventures, and I've certainly been an entrepreneur, um, with respect to other ventures, but I'm a first-time entrepreneur.

Okay. And, uh, have you been building SaveAway for the past 12 years? Have you been like full-time into this?

Yeah, I've spent, um, you know, uh, most of my waking hours on it. That's correct.

Okay. Because I've tried it, it was, uh, sort of Sucking a lot of GPU of my Chrome, so I had to exit. It looked like it was Vibe-coded, right? How many customers do you have on this one right now?

Well, it's not Vibe-coded, most certainly. I think it's built with React Native on the front end and with a responsive framework in the backend. We are performing real-time Elasticsearch. We allow for messaging between users and users' friends and family members. So yes, I mean, I think, you know, there's certainly much more to do in terms of elevating the experience. And, you know, if there is any part of it that could be improved, you know, what would mean the world of difference to us is if you can DM us, you know, whatever feedback that you have around specific snags you're running into, and we'll certainly commit to making sure that any and all of those things that you're running into are addressed.

Yeah. I have feedback. So my background, right? I've been a founder for the past 10 years full-time in hardcore mode. That means like over 20 to 30,000 hours as a founder building real stuff that people pay for, right? Millions of dollars generated. I've also been an investor in the last couple of years. When I ask questions, I'd love clear answers. That's the first part of feedback if you're seeking to raise money. Second part, yeah, 12 years doing something and tried the product, it didn't look, uh, like it was a scalable version that has a lot of clients. Uh, plus anything B2C is rocket science. It's really hard to take off the ground. Um, you, you're seeming to build like a marketplace of some kind. Well, there's two sides, right? There's the investment part and then there's the users. It's hard to crack both, right? So it seems like a very daunting challenge. Also, it seems more like a social cause than like, um, something realistic that would generate returns as an investor. Uh, when you say like people walking teary eyes from purchases, I can't really relate to that because I've always worked for what I've bought. You know, I don't believe in credit as well. I think the credit system is broken. I think fixing that credit system would require probably a new credit system, right? Like an algorithm. I saw your background. Oxford mathematician or something like that, then why not build like the new credit algorithm from scratch is what I'm thinking. And yeah, I think, I think have already been rebuilding this. So, and yet, like, if you can start probably B2B, not having to do B2C, maybe partner with these banks and see if you can offer the consumers a better solution. I think that'd be great, right? Um, but yeah, that, that's my feedback so far from spending a couple minutes with you.

Uh, sure. Well, I, you know, appreciate the critique. Um, and, um, you know, I mean, um, uh, you know, and I think some of that, uh, you know, uh, would welcome reflecting on. I mean, I think, um, you know, um, certainly we're not, uh, you know, um, what is true today, it does not have to be true, uh, tomorrow. Things, of course, evolve over time, you know. I, you know We're very quite receptive to institutional partnerships, and we've certainly integrated with a number of different platforms. I think there is certainly an evolution of the company where it starts demonstrating the fact that we're solving for a real need that buyers have. We've clearly started the process of, you know, having users come on the platform and trust us with their wallet, with their funds, and see their purchase fulfilled. Yeah, but several of the observations that I think you've made is on point and definitely consideration sets. But I think a part of this is To your point around building a new credit system, I think our platform can actually enable building that credit history. Once you start saving away, you can also in the process do credit building. I, as much as the millions before and after me, that oftentimes because of any number of reasons, when I arrived in the US of A, I didn't have a credit history. And later on, I had my credit identity stolen. Those are painful experiences. And I think SaveAway can actually enable much more responsible finance and allow people in shoes like mine to build that. And so yeah, sometimes things that are worthy take time. And, you know, clearly I think the people that have supported us, whether it's through usage of the platform, whether it's through partnering, or whether through their angel investments in the company that include, you know, OGs in the space, I think have certainly shared that vote of confidence and That being said, you know, of course there is a lot, uh, that I think, uh, can be improved upon, as you're pointing out. And we are, yeah, I'm leaving no stone unturned to keep our ear to the ground to listen and act on that.

I mean, I've been an entrepreneur for quite some time, that every single thing that I ever wanted I had to work with, right? And I think, I don't know, my brain is skeptic when I hear that, like, you're helping these teary-eyed people. If anything, I think it's not helping them. I think what should be going on in their brains is like, okay, sure, if you're gonna compare yourself to someone with that Apple Watch, right, uh, first understand what it costs, then probably leave your job or calculate the economics of it, uh, to, to buy it, right? Like, I, I think, yeah, most humans are doomed in the age of AGI. Um, I think most jobs are going to be slashed right then. Accelerate.

Right, and I think the platform is, you know, sorry to interject, but I think the platform is actually helping, uh, if you actually, you know, spend a little bit of time, and I'm happy to provide a personal walkthrough if that's the case. The platform is actually enabling you to do that. The platform helps you understand what the total cost of ownership is and actually allows you to create a personalized timeline. When you buy with Buy Now Pay Later, You're restricted to the cookie-cutter method of 4 payments, whereas here you can create a personalized timeline that matches with your personal cash flow. So yes, you are absolutely taking responsibility for what it takes to purchase something. And if it does not actually make financial sense for you, you're not just limited to anonymized reviews telling you how great the product is. You can also solicit feedback. From friends and family who can also tell you this may not be the right thing for you to buy. So I think our platform is providing that tough love to the buyer and helping them cultivate the financial responsibility to be able to make the purchase, which is why I'm proud to— that the few early adopters that have gone through that process, they have been able to buy things they otherwise wouldn't have been able to afford. And to me, you know, while I understand that you may not be able to relate to it, you know, there are people that I think our platform has provided real pain relief for. And that's what gets us steadfastly, you know, soldiering on in the mission.

Yeah, good point. Good point you made. Om, where can people find out more about you and the company?

Saveway.net/cryit. You can, of course, also find the company handle on X, on Instagram, on LinkedIn. I'm also equally just a DM away on X and to a lesser extent on LinkedIn. So yeah, find me and message me in any of those ways. And, you know, if you are genuinely interested in giving the platform a whirl, you know, I'll make sure to schedule a one-on-one and do whatever it takes to, A, make sure that you get us the feedback that helps us make the product that much better for you, and/or B, better yet, get you to the promised land where you completed a purchase that you otherwise would have walked away from. So thank you for, for that, Charles.

That was