The world over, pet care is becoming costlier. More and more people are adopting pets because of the mental and emotional wellness to be given what comes with owning a furry companion. But when the rising cost to maintain a pet’s lifestyle becomes real, they either abandon the pet or get into debt.
To resolve the issue of pet abandonment or debts due to pet care costs, Korean startup Petfins has developed an app that helps to make wiser financial decisions and planning for pet care. The financial service platform company specializing in companion animals allows customers to compare prices for various pet finance products, sign up for insurance, and claim the money. In addition, Petfins is partnering with banks and insurance companies in Korea for more pet financial products.
When you bring a pet home, it becomes family, so you want to provide the best for them. Petfins app’s big data analysis also helps to predict costs by pet breed varieties and gives customized solutions for pet raring. This allows pet owners to make financially informed decisions before owning a pet.
The user of the app has to simply upload a picture of the dog breed they own or want to own, and they can know the lifetime management costs they will face – insurance, vet visits, grooming costs, special foods, health threats, cost of other pet financial products in Korea, etc.
The startup was established in 2019 and is currently running the app in South Korea. Petfins has partnered with many prominent FinTech, insurance companies, pet-related service companies, veterinaries, and companies in pet financial products in Korea for the app.
In 2020 it had received a seed investment of $30,000, and in 2021 another funding of $400,000. Petfins has been recognized for its innovation in the insurtech sector through various domestic awards and has been part of the Seoul Fintech Lab fintech startup program. Petfins wants to make the app global considering the rise in pet care needs worldwide.
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