A criticism commonly extended in Spain is one that attributes a discreet return to pensions and ensures that for this reason, private savings for retirement are discouraged. Whether this appreciation is fair or unfair, innovation It has reached the world of pension plans before a public system, with more and more shadows due to adverse demographics and the lack of deep reforms. In this worrying context, initiatives such as the platform «VidSavings», driven AXA hand in hand with the Spanish startup of the same name. It is a mobile app that allows you to create your own pension or savings plan and watch it grow through your purchases in any of the more than 160 online stores or affiliated companies.
«The app is available for Apple and Android: when you buy from one of our partner companies, a percentage of the transaction will go to an AXA pension plan», Says Cayetano Ortiz CMO and Marketing Manager of« VidAhorro ». This Spanish startup was created two and a half years ago by the owner of a veteran insurance brokerage, Manuel López, to innovate in the insurance sales sector. However, his second and new life is much more recent: it began four months ago when AXA Spain It invested half a million euros to promote this platform and start its commercialization.
«Until now pension plans forced you to make a recurring contribution every month, with this new pension plan the contributions come from the companies in which you buy: What varies is the percentage that these yield and that vary from 9.5% of AliExpress to 4% of average of El Corte Inglés », says Ortiz who is surprised because in the two months he has been running« VidAhorro »under the AXA umbrella has been attracting a good number of under 30 years. This group is already one third of its users.
Asked about the type of pension plan, the head of Marketing of this startup has highlighted that it is a moderate profile with a 86% of the capital invested in fixed income and that last year had an annual return of 5.6%. As any instrument is allowed to make extraordinary contributions regardless of purchases made, in addition to not having to introduce an initial capital.
«We do not have physical offices to sell pension plans: all our processes are automated so that a person can contribute 5 euros, "says Ortiz in reference to lower management costs compared to traditional savings plans that do not compensate the management of income of such small amount.
Preparing the international jump
On the future of this startup, the CMO of this company believes that the partnership with AXA "has opened many doors, since it is a financial product to generate credibility and what an insurance company provides as this is reliability for the user », Says this entrepreneur who points to a future expansion towards United States and Latin America.
In this sense, it has revealed that senior executives of AXA internationally study replicate "VidAhorro" in these markets where there is a broad financial culture – "the challenge we have encountered in Spain: llittle financial and savings culture of Spanish society »– or public pensions are practically nonexistent.
Entrepreneur since he was 16, Cayetano Ortiz, created «Wiihotels» (already disappeared) at a young age and asked about the difficulties with which he has found his way indicates that "take you seriously" and the "hallucinatory" Spanish bureaucracy. «I spent more time in the finance office in María de Molina (Madrid capital), than in WiiHotels.