Two tech-preneneurs have launched a payment platform that helps users make better financial decisions by tracking and analysing their expenses.
Brian Muriu and Alistair Gould, co-founders of Tulix, the mobile applications say they are targeting young African adults who are keen to better understand their finances.
“People share money every day for different reasons; from supporting their families at home to purchasing food and household goods to medical and education expenses. Our solution allows you to manage all these different spending needs from just one mobile app,” says Brian Muriu, the CEO and co-founder of Tulix.
The app allows users to open multiple wallets called ‘jars' for collaborative budgeting, increased visibility, and better management of funds.
With the app, customers can monitor their spending habits, and ensure they are spending wisely. Customers can also monitor their shared jars and ensure that the common goal is achieved.
“The app helps you build the necessary financial discipline needed to achieve long–term financial goals. Your overall budget and spending are housed in one space.”
Mr Muriu founded Tulix in January 2021 with Alistair Gould who is the chief operating officer after securing funding from a start-up accelerator programme called Antler.
Mr Gould says customer deposits are held by licensed banks which are regulated by the Central Bank of Kenya. Tulix works with iPay which is a licensed payment partner and is authorised to receive and hold customer funds.
They only provide the technology. They have also partnered with Ndovu, a savings and investments platform.
On challenges and hitches encountered so far, Mr Muriu says that they have had to spend a lot of time and effort to understand the needs of their customers.
“Research and continuous iteration of the product is time intensive and costly at times. We’ve also faced challenges identifying suitable partners to help us launch and scale responsibly," he adds.