Economy & Politics

Fintech Cashback as retirement provision: Fintech Vantik starts with a bank card

The old-age provision start-up Vantik will be offering its customers a bank card in the future.PR

When the corona pandemic reached Germany in March, Til Klein also adjusted the plans. He stepped on the brakes and cut marketing expenses for his start-up Vantik. With the investment app, young people can make provisions for old age by investing in ETFs, and the money they deposit is secured.

The company has several thousand users. But there were two fundamental problems. “The marketing costs per customer were well over 100 euros, which is too expensive for the business model,” says the Vantik founder. In addition, it would take an extremely long time for a customer to be convinced after the first advertising contact – up to six months. In general, many would shy away from the topic of old-age provision and put it off. “Customers get sick pukes when they see what information they find on the topic,” says Til Klein.

Without a pandemic, Vantik would have just carried on and tried to control the marketing channels better – to cut costs. But during the crisis, Klein and his team fundamentally questioned their approach. “We didn’t want to sit around stupid and started testing,” says the founder. The result is a new product with a bank card and a trick.

You can read the whole story today at Finance Forward, the finance portal of Personal-Financial.com and OMR. You can register for the daily newsletter here.

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