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Personal budgeting app, Money Dashboard, has exceeded a key milestone, with more than 1million banking accounts now connected through its users.
Money Dashboard helps users quickly and effectively manage their finances, establish savings goals and reduce spend. The introduction of Open Banking in January this year has provided a significant boost to Money Dashboard, which launched in 2010, helping it to secure more than 450,000 registered users.
Since starting up, the app has analysed more than 366 million transactions totalling more than £33billion in value of transactions from connected online current accounts, savings accounts and credit cards.
Steve Tigar, Money Dashboard’s CEO, said the app’s popularity is a sign that the consumer personal finance habits are changing for the better
“People want more from their bank now than ever before, and Open Banking is driving that change,” he said. “We are entering an era where people want to do more than simply arrange payments and withdrawals, they want to manage their budgets, save up for important life events and stay out of the debt trap.
“Surpassing 1million connected accounts is a tremendous achievement for Money Dashboard and testament to how useful our users feel our app is, but we are determined to keep adding functionality so we can help even more people get on top of their finances.”
Money Dashboard is one of Scotland’s new breed of fintech firms aiming to disrupt traditional models of consumer finance. Based in Edinburgh’s CodeBase, the UK’s largest technology incubator, the company successfully raised more than £1million in crowdfunding last year through CrowdCube.
Named Best Personal Finance App in the British Banking Awards 2018, Money Dashboard also recently announced integration with digital challenger banks Monzo and Starling.
The Money Dashboard app and suite of tools is free for its users. The company makes money by selling anonymised market data to commercial partners, helping them predict market trends and consumer attitudes.