ThriftPlan Veroke July 20, 2023


Thrift Plan

A Tale of Veroke’s Fintech Revolution: Empowering Financial Futures with Thrift Plan.

The Client

Thrift Plan is a Saudi FinTech company that specializes in offering innovative digital saving plans for businesses. Its unique solution allows companies to create customized saving plans as part of their employee benefit programs, redefining the concept of social security in the region. By combining individual contributions with employer matching, Thrift Plan encourages financial engagement and loyalty from employees.

Through its revolutionary ‘Workplace Saving Plans,’ Thrift Plan empowers employees to achieve greater financial stability and security. The company provides a user-friendly mobile app that enables employees to conveniently view and manage their contributions, portfolios, returns, and other crucial details.

Thrift Plan’s cutting-edge approach automates 401k-styled saving accounts, efficiently integrating direct contributions with corporate matching benefits to foster increased employee retention and promote long-term financial wellness. By actively promoting a culture of savings and financial awareness in the MENA region, Thrift Plan enables both individuals and companies to maximize their financial potential.

Project Went Live

2022, with new developments constantly being added since then.

App Gallery

At a glance
Tech Stack:
The Backstory

Our client’s primary goal was to boost private retirement savings, particularly for middle eastern workers who lacked access to employer-based retirement plans. Traditional social security programs were deemed insufficient to meet the retirement needs of citizens reaching 65 years of age. Moreover, existing employer-based savings plans did not adequately support most locals in securing their financial future.

This gap in the market led the client to envision a solution – a reliable savings plan provider offering digital savings plans for companies and their employees. However, no trusted service provider in this domain existed in the middle east at that time, which fueled the client’s determination to pursue this idea.

To turn their vision into reality, the client sought a dependable partner, and that’s when Veroke entered the scene. With a decade of experience catering to diverse clients, particularly in the fintech arena, Veroke had a deep understanding of the essential app elements. After thorough discussions with the client, Veroke took on the project, deploying their expert developers to meet the client’s specific demands and aspirations.

Our Approach

Once the project requirements were finalized and entrusted to our team of expert developers, we initially adopted an agile framework for the development process. However, as we encountered various challenges and complexities during the development phase, it became apparent that the agile framework might not entirely align with the unique demands of the project. In response to these obstacles, we made a crucial decision to shift to a hybrid model, combining predictive and adaptive approaches in parallel.

Embracing the hybrid model proved to be the most effective long-term strategy for us. By seamlessly integrating predictive and adaptive methodologies, we ensured that the project progressed swiftly while maintaining uncompromising quality. This approach allowed us to address evolving requirements with agility, adapting our development process as needed, without compromising on the project’s timeline or final deliverables.

Throughout the development journey, we provided a comprehensive range of services, catering to diverse platforms and technologies. From crafting intuitive applications to delivering cutting-edge web solutions, our team demonstrated their prowess in fulfilling the client’s vision, empowering us to deliver a high-quality product that surpassed the client’s expectations.

The Result

The collaboration with Thrift Plan yielded remarkable outcomes, far exceeding initial expectations and garnering widespread recognition. Recently, the startup was declared the prestigious “Harvard Arab Conference Winner,” a testament to the significant impact it is creating in the financial arena in KSA and beyond.

By successfully implementing a pioneering digital savings plan, we revolutionized the landscape of private retirement savings for middle eastern workers, effectively addressing the region’s critical financial needs.

Through our hybrid development approach, we swiftly navigated challenges, ensuring timely completion of the project without compromising on quality. The resulting Thrift Plan mobile app became a powerful tool, empowering employees to manage their contributions, portfolios, and returns effortlessly.

By empowering individuals and businesses alike to secure their financial future, our partnership has made a lasting impact in the MENA region, inspiring greater financial stability for all those involved.