Nico told the Akademia students how he decided to become an entrepreneur after his work experience and founded Arbor, a Spanish savings app.
Nicholas Salguero, CEO of Arbor, was with the Akademia students of the Carlos III University of Madrid to tell us about his experience as an entrepreneur in the fintech sector.
In the following interview, Nico himself explains what Arbor is and gives some advice for entrepreneurs:
Nico told the students how he decided to become an entrepreneur after his work experience and founded Arbor, a Spanish savings app. Arbor has set out to help all its users save month by month and thus be able to enjoy extra money in the future. According to data from Arbor, 90% of millennials do not achieve their savings goals because they wait until the end of the month to do so. With this application they can choose how they want to start saving from the beginning of the month.
To help users achieve their savings goals, this startup has three microsavings rules:
- Rounding up, to save a few cents on each purchase made by card.
- Periodic transfer, where the user chooses the amounts they want to save as well as the periods of time.
- Temporary challenge, to save progressively.
To start saving, you just have to download the app and have two bank accounts; one from where the money comes from, and the other from savings. The money always remains in a user’s bank account, so trust is total. This is fundamental, since in digital financial products 80% of the battle is in trust.
But how do you make savings profitable? So that the savings do not lose value over time,
If you want to know other innovative startups, click here.
