Series entrepreneur Rohit Nadhani, who last sold his Newton email app to Essential in 2018 – an app so popular that it hasn't been shut down multiple times – is launching a new startup, Kubera, today. The service offers an alternative to using a spreadsheet to keep track of your assets, investments, cryptocurrencies, debts, insurance, and other important documents that would have to be transferred to a loved one in the event of your death.
The founder was inspired to create Kubera based on a traumatic personal experience – a reference to the Indian "Lord of Wealth". When swimming in Costa Rica, he got flooded and had to be saved. After he got home, he began to compile a list of all of his assets to be shared with his wife in the event of his death.
As it turned out, the task was quite difficult as the list now included more than just real estate, stocks and bonds, retirement accounts, and insurance.
Nadhani realized that he also wanted to list other assets such as crypto investments, collectibles, precious metals, private and foreign investments, brands and other digital assets, as well as debts that he owed – such as loans that he had given to family and friends.
He also wanted a few more features that a simple spreadsheet could offer – like the ability to automatically update the value of assets, similar to Intuit & # 39; s Mint, and basic reports. More importantly, he only wanted to share access to his personal wealthy data and accounts when absolutely necessary.
Existing solutions did not meet Nadhani's requirements because they used outdated technology, did not have the features they wanted, or used user data to make budgeting or investment recommendations. This, along with feedback from friends who said they don't use spreadsheets for this task, prompted the founder to develop his own solution with Kubera.
For this purpose, he contacted former colleague Manoj Marathayil, the founding engineer of the two former companies CloudMagic (Newton) and Webyog von Nadhani, who joined IDERA in 2018. Kubera also includes the former Head of Product & Design at Newton Mail at CloudMagic, Umesh Gopinath.
Kubera is being launched today as a bespoke solution for listing your traditional and non-traditional assets.
To use the service, first list your assets in a simple table and then add details such as costs, value or the related documents, if available. You can either update the values in the table as you continue, or you can connect assets to your online accounts to update their values automatically.
The service uses trusted financial data aggregation services such as Plaid and Yodlee to make the connections. This means that he only has read access to your financial data. Kubera cannot make transactions on your behalf. In this way, connections to over 10,000 banks worldwide can be supported.
The service also uses the standard AES-256 open encryption algorithm to encrypt user data, requires HTTPS on all websites, uses HSTS to require that browsers only use secure connections, and supports two-step verification by Google sign-in with other two-step options will start soon.
The company's business model is a subscription service that enables it to generate revenue without having to share information with third parties or advertisers. The basic service can be used free of charge if you do not want to automatically update your asset values. If you do, it's $ 10 a month.
As soon as the first entry has been made, Kubera will regularly remind you to update and check in the asset values. The lifetime check will track if you have been inactive for a certain number of days (specified by you during setup) and an attempt will be made to reach you.
If you do not respond to Kubera's attempts to reach you, an attempt will be made to reach your beneficiary via email and text, if indicated. The service sends an email to your beneficiary with all the information you have provided in a downloadable format. If after several reminders you do not respond, Kubera will contact your backup contact, a "Trusted Angel".
Kubera competes to some extent with services such as Mint, YNAB and other online budgeting tools. However, these services do not offer the same extensive wealthy tracking and have a different focus. It also competes with financial advisory and wealth management companies such as personal capital. But instead of urging you to get in touch with a financial advisor or other fee-based services, Kubera does not provide investment advice.
Later on, Kubera may start planning inheritance – for example, in supporting wills or trusts or in connecting with partners who can provide these services. However, the service is currently intended to be used in conjunction with users' existing wills and trust relationships.
The bootstrap startup is a team of five. To get started, Kubera offers free 100-day trial versions, so you have time to organize assets before you decide to subscribe to the service.