Representative illustration of an AI chatbot.
Credit: iStock Photo
New Delhi: US-based AI-driven fintech platform TIFIN on Monday marked its debut in the Indian market with the launch of MyFi, a conversational artificial intelligence (AI) assistant offering customised investment guidance.
MyFi deploys research-driven, fact-based investment intelligence and AI models to generate personalised investment guidance based on the users' investment portfolio.
MyFi is a personalised product designed specifically for India. It derives inspiration from its counterpart magnifi, which has successfully established itself in the US, MyFi co-founder and CEO Kiram Nambiar told PTI.
"Building on the success of its global offerings, TIFIN seeks to revolutionise wealth management outcomes in India in a strategic move to strengthen its commitment to the region and mission of impact through innovation at speed. MyFi is registered with SEBI as a Registered Investment Advisor (RIA) and is operating in strict accordance with all relevant government regulations," a company statement said.
"MyFi leverages learnings from TIFIN's portfolio but is built in India and tailored specifically for Indian investors to facilitate informed, long-term financial decision-making...," TIFIN founder, chairman and CEO Vinay Nair said.
MyFi is compatible with Android and iOS operating systems.
"With MyFi informed investing becomes accessible to millions of people in India. Think of the app as an assistant that not only gives you options based on market realities but does so in the context of your current investment portfolio, all in conversational form and in a simplified language you can understand.
"Built on years of learning from successful TIFIN products, it truly removes the guesswork from investing," Nambiar said.
He said MyFi will currently cater to existing mutual fund investors in India, with plans to accommodate new investors in future.
Citing a report from the Association of Mutual Funds in India (AMFI), Nambiar said Indian mutual funds currently have over 8.76 crore SIP accounts, and added 8.1 million new investor accounts in April-May 2024 alone, largely driven by Millennials and Gen Z.
"MyFi aims to cater to the growing investor community in India and intends to expand its platform offerings as new investors embark on their investment journeys," he said.
MyFi is a subscription-based model with plans starting at Rs 299/month.
Founded in 2018 by IIT-Madras graduate Vinay Nair, TIFIN raised $109 million in May at a valuation of $842 million.
Headquartered in Colorado, USA, it has about 260 employees globally with over 100 in India.