Interview with David Conde, CEO and co-founder of Coinscrap, a financial planning startup that helps save through card purchases through rounding rules.
Coinscrap was born in 2017 and the app was launched on the market in 2018, after several months of development. It has gradually incorporated new functionalities such as, for example, being able to save when your favorite soccer team wins. The money saved by users is deposited in specific financial products according to their savings goal, such as through rounding.
This tool was born with the aim of allowing everyone to save, even those people who have more complications to make ends meet. It offers savings rules that are based on behavioral finance that deal with how our lifestyle habits affect saving and investing. Thus, the user can even save a percentage of their salary automatically or donate part of their savings to the Spanish Association Against Cancer.
David Conde started his career as an entrepreneur with Senseitrade in 2015, an application that captures the sentiment of the stock markets from social networks. A project that was developed after a study by the University of Munich, where after studying more than 250,000 tweets from the stock market, it was concluded that it is possible to predict their evolution with 87% success. “My advice to a person who is going to be an entrepreneur is to spend a lot of time thinking about what they are going to do and how they are going to do it. It is very important to dedicate a lot of time to this first phase. You don’t have to be afraid to tell your idea,” David Conde tells us in this interview. “Spain is a good place to start a business. There is access to capital. We have a lot of talent in our country and a very dynamic market.”
David Conde has extensive experience in the economic sector, he has already spent his entire professional career working as a Private Banking advisor, which has allowed him to detect customer needs that can be covered by new technological solutions.
Coinscrap is booming, as the platform already has more than 25,000 downloads. More than 10% of its users have managed to save to add up to their financial goals. The platform already has more than 25,000 downloads. “We are in a growth phase, we have more and more revenues and customers. In Spain we are in the process of expansion, our goal this year here is to consolidate ourselves as one of the benchmarks for micro savings so that in 2021 we can continue to evolve,” explains David Conde. Coinscrap is currently developing more savings rules and automatic tips so you can save without having to change your habits. Or even penalties if you’ve fallen into something you don’t want to, like buying tobacco.
