By Anja Knass, RBI |
Sara Koslinska, co-founder and CEO of the micro-investing app limitless, was recently named as one of “30 under 30” by Forbes Poland. In this interview she talks about what inspired her to launch her app and why she thinks that Millennials need to start talking about their finances.
Sara, you are the co-founder of the micro investing app limitless – tell us a little bit more about what inspired you to start the company.
Before I started limitless with my co-founder Ka Lim in 2015, I got to know the fintech community in London. I saw a big potential in fintech and Big Data and I wanted my next company to operate in that area. At limitless, our vision is to make investments available to the mass market and break with the prejudice that investments require much capital and knowledge.
What is the USP of the limitless app compared to other solutions on the market?
We want to make investing super easy and accessible. We especially target first time investors with little capital who have not talked to their bank about wealth accumulation yet and have little or no experience with investments.
Limitless targets especially “Millennials” – can you tell us more about this specific group of consumers and what differentiates them from others?
Millennials are extremely tech-driven and have a very clear idea of what they expect from their bank. For them, financial services need to be simple, convenient and digital. At the same time, Millennials have little experience with investments and are usually lacking the capital to invest heavily in the capital markets.
What are the challenges Millennials are facing when it comes to personal finance and investment choices?
I think the overall economic climate that Millennials are facing today has become tougher. In Western Europe and the US, they are the first generation that will not be able to make a better living than their parent’s generation, despite a better education. At the same time, they have only little trust in their governments and that the state will provide for them during a health crisis or once they reach their retirement. Hence it is crucial that Millennials start getting active about their personal finance and educate themselves about investment choices.
Being a Millennial yourself would you say that you are a typical representative of your generation?
Yes and no. I think I am a typical Millennial when it comes to my use of technology and social media in particular. But I think that Millennials from the CEE region have a slightly different story than their peers in Western Europe. Our parents raised us during the last decade of the former Soviet Union, and communism was simply not meant to build personal wealth. So we are actually in the lucky position to make a better living than the generations before us, but we are facing the same systemic issues like our peers in the West – especially when it comes to state health and pension systems.
Do you have an investment tip for Millennials?
In general, I think it really helps to talk with like-minded people about money. Ask your friends and peers about their experience and investment choices. I rather trust my personal network than a company representative who tries to sell something to me. But the most important first step is to actually start talking about money and finances in general. I really hope that limitless helps to start this conversation.
You recently made it on the cover of Forbes Poland as one of Poland’s “30 under 30”. How did you convince the jury?
I think what made me stand out is that there are very little female founders in fintech and it is for sure a rather unusual story. Unfortunately there is a lack of female role models in our field and I really hope that I can also inspire other women to start their own fintech companies.
Sara and limitless participate in the second batch of Raiffeisen Bank International’s fintech partnership program “Elevator Lab”. Find out more about the program on www.elevator-lab.com!