…We firmly believe that SmartSaver is an appealing solution for investors looking for an alternative investment that offers incredible stable returns, allowing them to forecast their earnings, particularly during times of market turbulence…
Beating or -at least- fighting inflation should be the priority of any long term investors looking to preserve their capital and grow their finances year after year, but is this an easy feat to achieve? Nowadays, with rampant inflation, (still) very low interest rates from banks and very volatile stock markets it is very difficult to find investment products that help us gain an attractive interest in a consistent way…
…And precisely, today we want to take a closer look at one of this products that try to solve this problem for us investors, Monefit SmartSaver, an investment platform powered by well-known marketplace Lendermarket and linked to Creditstar which aims to fit in this niche of “attractive fixed return platform”.
Today we have its Chief Product Officer Kashyap Shah with us, thanks for coming to TodoCrowdlending Kashyap!
1 – First of all, for all readers still unfamiliar with the brand… Can you please tell us briefly what Monefit SmartSaver is in no more than 2-3 lines?KS
Monefit SmartSaver is a financial solution that provides an ideal balance of investing and savings. It is designed to help individuals in beating inflation and maintain the value of their savings while also producing additional income. SmartSaver is backed by our qualified team of financial professionals and allows consumers to earn a fixed rate of 7% interest yearly, allowing them to achieve their financial goals faster.
2 – Now, many of us here in TodoCrowdlending have heard of (and even are investors of) brands such as Lendermarket and Creditstar, can you please explain to us the link between Monefit SmartSaver and these two well-known actors of the P2P lending market?KS
Monefit is a leading brand of Creditstar Group, a renowned international financial company. Monefit Smart Saver is a new product line from Monefit that aims to improve people’s financial toolkits in everyday life. It is powered by Lendermarket, a prominent platform that connects investors with digital lending firms across Europe.
Since 2006, Creditstar has assisted millions of people in eight European nations with their finances. Creditstar has been focused on lending for nearly 17 years, but our mission has always been to help individuals get the most out of their money, whether through lending, saving, or investing.
3 – What would you say are the strongest points of Monefit SmartSaver?, which are the most attractive qualities of your solution for us investors?KS
SmartSaver is an excellent choice for anyone wishing to increase their savings or diversify their investment portfolio, as it is meant to be user-friendly for both novice and experienced investors. Investors benefit from a fixed interest rate since they know exactly how much they will earn.
SmartSaver, which is based on the P2P model, offers an excellent 7% annual interest rate with no fees or lock-in periods for withdrawals. Customers can also add and remove funds as they see fit because there is no minimum investment amount. Investors know exactly how much they will earn thanks to the Smartsaver fixed interest rate. It is also worth noting that the annual percentage yield (APY), or effective annual rate, will always be greater than 7% when compounding interest is considered.
It’s the ideal combination of an excellent investment product (better return) and the stability/flexibility of a savings product.
4 – Compared to other similar products in the market from some of the best known platforms in Europe, it seems that Monefit SmartSaver offers a better deal in terms of both return and availability of the money… Is it your goal to become the leader in this particular investment niche?KS
Monefit’s mission is to transform the financial industry by becoming the first choice for all financial decisions. We intend to broaden our reach by releasing our CreditLine and SmartSaver products across Europe, utilising our expertise and experience earned through our 16 years of consumer lending experience. Our ultimate goal is to be the go-to solution for consumers wishing to make extra money or build their savings.
5 – Now let’s talk a bit about some deeper aspects of the platform, and let’s start with the underlying assets… When I put money into my Monefit SmartSaver account, where does this money go exactly?KS
SmartSaver funds are invested into consumer credit issued by our group, Creditstar, to accelerate our consumer lending business in all the key markets we operate in.
6 – Based on that, and being conscious that no investment is without risk, how likely is it to get your target 7% annual return? How liquid are our investments? What are the main risks involved?KS
As you indicated, all investments involve some level of risk. Before and during the investment journey, we have communicated the risks associated with SmartSaver in a Risk Disclosure Statement, which may be viewed on our website. Furthermore, our Terms of Service include liquidity provisions. It is crucial to remember that SmartSaver is not the same as a deposit or bank savings account because it may not be feasible to liquidate assets or withdraw funds immediately during extraordinary circumstances.
7 – How does Monefit SmartSaver fit within the new crowdfunding regulatory framework in Europe?, does it need a license?, what are the plans here?KS
Our current approach in connection to the crowdfunding legislation has been, among other aspects, connected to loan facilitation and its meaning within that legislation. Since the services offered by Monefit SmartSaver and the assignment of claims are not facilitated on the same platform as loan facilitation, then the funding should not be considered to be happening via a crowdfunding platform as defined in the applicable regulation. This in turn means that a crowdfunding license is not required.
In any case, as the transitional period for obtaining a crowdfunding license is set at 10 November 2023, there is no statutory obligation to currently have that license, but we do not rule out applying for a crowdfunding license or any other license in the future, should that be needed and in line with the services we plan to offer.
8 – We already know that the platform is operated by Lendermarket and that it relies on the Creditstar portfolio, but what about the human resources, who are the people, and the management team specifically behind Monefit SmartSaver?KS
Good question, at Monefit SmartSaver, we’re proud to introduce our talented team of Creditstar Group. Our team’s knowledge and experience have been gained over the years which allowed us to create innovative fintech products that are built to last.
As we continue to grow and evolve, we’re also dedicated to shaping the core team of Monefit SmartSaver, with plans to expand in the near future. This means that you can expect the same level of expertise and dedication from our team, now and in the future.
We’re committed to providing our clients with the best and most transparent service, and we will always keep you informed of any changes that may happen in the market, so you can make the best decisions for your investments.
9 – What are your objectives for 2023 both in terms of volume and number of investors?KS
We firmly believe that SmartSaver is an appealing solution for investors looking for an alternative investment that offers incredible stable returns, allowing them to forecast their earnings, particularly during times of market turbulence.
We’re getting a lot of positive feedback from our consumers across Europe, who are putting their trust in us to help them reach their financial goals with SmartSaver. This year, our goal is to raise brand awareness and assist as many users as possible.
10 – What are your plans for developing the platform in terms of new investment products or functionality for your users / investors?KS
SmartSaver’s ultimate purpose is to help people accomplish their financial goals sooner. We’ve received a lot of excellent comments about the product since its launch, and our team is working hard to bring some new features to investors.
In the short term, we have been focused on enhancing our payment experience so that our investors have the best possible investing experience, as well as expanding our referral program, through which we would like to reward our investors even more. We’re still in the early stages, and we’re continually working to enhance the product to provide the best experience and value.
Please let us know if you have any ideas or feedback.
11 – Anything else you would like to add or share with the TodoCrowdlending community?KS
I’d like to welcome everyone to visit our website, Monefit, to learn about SmartSaver, and to invest!
Remember, signing up to SmartSaver is super easy and you can get started with as little as 10 EUR and there are no hidden fees, and of course, you can withdraw your money whenever you want.
We would love to hear your feedback on how else can we make our products and service better for everyone, so please reach out to us and do let us know if you need help.
Thanks for your time, Kashyap!