Vaamo Launches Goal-Based Savings Platform on Invite-Only Basis

We caught up with vaamo today, which just launched its platform on an invite-only basis. Today, 150 users are given access to invest real money into the funds on vaamo’s platform in order to achieve their goals.

Vaamo is rolling out the invitations in batches over the next three months or so to accommodate the 2,000 users who have requested full access to its goal-savings platform.

We profiled vaamo earlier this year in our FinovateEurope Behind the Scenes post series (check it out here); as a refresher, here’s how its web app works:

1) Users set up any number of goals on the vaamo platform. These are generally larger life-goals such as higher education, purchasing a house, or saving for a wedding. In the screenshot below, the user has set up and is tracking three separate goals.

2) Using an investment approach it developed in collaboration with the Goethe-University in Frankfurt, vaamo invests the user’s savings into a set of funds. The startup has partnered with Dimensional Fund Advisors to provide a group of well-diversified funds through which users can invest to reach their goals. Dimensional Fund Advisors has offices all over the world, and is headquartered in Austin.

3) If one of the funds changes course, vaamo prompts the user to change their goals using the slider tools on its platform. For example, if a fund lost a significant amount of value, vaamo would prompt the user either to extend the time period of their goal or change the amount desired to reach their goal.

Users in Germany can now sign up for a demo account, and will be invited to use vaamo with real money in the near future. In other geographical locations, users can sign up for a demo account, but cannot invest funds in the platform.

To learn more about vaamo, check out its launch at FinovateEurope 2014.

Finovate Blog

Vaamo Launches Goal-Based Savings Platform on Invite-Only Basis

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