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The Fintech startup Switcho aims to help people save money on utility bills

An algorithm analyzes the domestic utilities and helps the user to find the best offer according to his starting situation; the platform then takes care of all the bureaucracy necessary for the switch (and if it is not convenient to change, it warns you). So the startup, which has already raised 1 million euros, aims to become an indispensable personal finance tool.

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An algorithm reads our last electricity, gas, internet and telephony bills; it analyzes them, verifies if there is a cheaper offer compared to current consumption, and – if it exists – it returns a personalized savings estimate; in case of activation, then, the dedicated team of “Customer Happiness” takes care of the bureaucracy necessary for the switch in place of the user. 

That is how Switcho, the Italian startup that wants to help Millennials to manage their expenses, allows its users to save an average of $353 (€293) per year on their home utilities. Managing at once to optimize expenses and simplify bureaucracy.

Read more about the Fintech company Switcho and find the most interesting business news of the day with the Born2Invest mobile app.

Switcho aims to help people decrease their expenses

Playing a role of “third actor” compared to suppliers and rate comparators, Switcho puts itself on the side of the end user, with the aim of becoming a “personal assistant of savings” in digital version. The processes of consumption analysis and activation, in fact, take place entirely online at the request of the user, who thus remains safe from annoying phone calls and data leaks to call centers.

“Untangling the infinite number of options available on the market for domestic users is really complex and time-consuming. Tariffs from suppliers are often unclear or difficult to find, while comparison portals focus on the promise of savings without verifying that this is really there. And then there is the issue of bureaucracy, which discourages even the most scrupulous savers – explains Marco Tricarico, founder of the startup together with his friends Redi Vyshka and Francesco Laffi – With Switcho we start from the personalized analysis of the current consumption of each user: we read the bills, in particular the data related to the cost of raw materials, and consequently we propose the option for which we are sure there is a saving. Then a dedicated team takes care of the bureaucracy and the administrative part on behalf of the client. There are also cases – about 10% – where the user’s situation is already optimized: when this happens, of course, we tell them, advising them not to switch. We are the only ones doing this in the market, precisely because our company mission is to save our customers money.” 

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Founded in March 2019, Switcho – which now has a team of about 12 people including technology, marketing and customer support experts – has already contributed, in its first 16 months on the market, to propose “switches” for more than $2.4 million (€2 million) in savings. 

In addition, with a total funding of $1.2 million (€1 million), it aims to extend its service to other recurring items of expenditure, to become a savings tool able to assist the user in the management of all his ordinary expenses: “Soon we will introduce insurance and mortgages to the platform, but we are also looking at Pay TV and the optimization of subscriptions to online services such as Netflix, Dropbox or Spotify – concludes Marco Tricarico – We consider ourselves a fintech startup: our goal is to become an increasingly evolved tool for aggregating and monitoring our own recurring expenses, so as to have a control of the incidence of spending on income in a continuous way over time and the possibility to suggest more and more optimization actions.”

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(Featured image by stevepb via Pixabay)

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First published in TECNOGAZZETTA, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Leah Marie Angelou is an LGBTI activist and equality advocate. She has been a writer for several feminism-focused groups for nearly a decade. Her pieces are often focused on career development and the workplace. She also regularly covers personal and micro-finance, business management and entrepreneurship. Recently she has also focused on covering the promising CBD and hemp industry.