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Vol. 121 October 2018

Planto – A FinTech start-up of millennials, by millennials, for millennials

Millennials who want to plan their finances better to achieve different life goals can now turn to Cyberport Creative Micro Fund (CCMF) grantee Planto, a FinTech start-up.


Observing a lack of simple and actionable financial solutions for millennials in the market, Planto’s founders, all millennials, developed a solution to help their peers take charge of their financial lives.


"This is about improving our financial health with simple, actionable and meaningful advices. If spending money is so simple, making sound financial decision should be really simple too", said Mr. Ankit Suri, CEO and Co-founder of Planto.


Planto uses AI and machine learning to aggregate public information such as travelling, buying their first homes, education, and marriage. After a user specified his/ her goals on the platform, Planto will track the user’s finances and spending behaviours and automatically formulate a personalised saving plan to help the user reach his/her goals.  It will even generate categorised expense reports to provide the user with a clearer understanding of his or her spending patterns.


Unlike other personal finance apps in Hong Kong, Planto uses in-house developed technology to ensure total control of security and encryption. This also affords Planto the flexibility to track the users’ spending activities across different banks and financial service providers so as to offer a more comprehensive overview of their finances.


The founders also interviewed more than 100 millennials to understand their goals, challenges, behaviours and needs, and then integrated the findings into their product, which is now in closed beta and is slated for a public debut in the next few months.


Planto was selected by the CCMF and is backed by a group of advisors, venture capital investors and finance industry veterans from Hong Kong, North America and Australia who have also supported successful firms such as Forbes and personal finance startups around the world. The company also joined the accelerator and took part in the BlackRock Techfest to showcase its product to industry experts.  It was also a finalist in the 2018 DreamCatchers 100K competition.


The team of eight credited Cyberport for its seed funding, mentors, network, and brand credibility that have significantly bolstered Planto’s development.