Are you beaten by budgets? Do you struggle to save, let alone contribute a sufficient level of cash to your defined contribution plan? Well now, two former investment consultants have teamed up to take the pain out of these necessary evils.
Conrad Holmboe left his position at U.K. investment consultant Redington over the summer, where he was a director in the investment consulting business, to work on Oinky, a digital piggy bank. Oinky connects to an existing bank account, determines how much a user can safely afford to save every week, and automatically transfers those savings to the piggy bank.
“It figures out how much you can save, and transfers that into your own digital piggy bank, automating your saving process,” Mr. Holmboe said in a telephone interview. “The idea is the discipline of saving is taken out of your hands.”
Mr. Holmboe is chief operating officer, chief financial officer and co-founder of Oinky alongside Ivan Soto-Wright, who also is CEO. Mr. Soto-Wright left Redington last year, where he was an investment consultant.
About 18 months ago, the pair began exploring ways to encourage saving, and Oinky was born.
Filling the piggy bank is the first stage. Oinky also has a “discover” feature, which lets savers explore peer-to-peer lending opportunities, investment platforms and other savings products. This is where Messrs. Holmboe and Soto-Wright's retirement roots come in. “We also want to be able to connect it to a DC plan. DC has to start at the principle of getting people into saving,” Mr. Holmboe said. Oinky's beta version will be launched by the first quarter next year.
The Redington connection does not end there: Robert Gardner, founder of the consultant, is a key adviser to Oinky and, in a personal capacity, was the first seed investor in the venture, Mr. Holmboe said.