Personal finance apps: How to navigate the market

Personal finance has been a hot topic for quite some time now. As consumers are getting more and more comfortable and trusting of fintech, entrepreneurs welcome the sentiment with new fintech apps addressing yet another aspect of our lives.

It came to a state when ‘Personal finance app’ search on Google returns over 1.6B results, so how do you, as a consumer, technologies, investor, or just a very curious kind, navigate this part of the fintech jungle?

Just this one time and just for you, please find below our guide to most common types of personal finance apps on the market. We will summarize the groups of the fintechs for you to watch out for.

1)   Borrowing made simple

There are all sorts of players in this category, varying in delivery, criteria, size of the loans and features that come with them. For example,  Clearpay offers a ‘buy now pay later’ model for all things fashion and retail. Consumers get 6 weeks to pay for their purchases interest-free.

Chime comes with a current account and a debit card, which help you build up your credit rating over time and get a payday loan when needed. While Bridgit combines a more traditional part of personal finance – budgeting – with an instant advance without a need for a credit check.

2)   Collaborative finance

Entrepreneurs have long realised that money is a social matter in many ways. Consumers don’t live alone, don’t shop alone and like helping each other in many ways. As a result there is a whole suite of products addressing every imaginable niche of collaboration.

For example, Monshare focuses on helping couples keep track of their shared spending and cut down any unnecessary costs. It integrates well with most well known banks in the west, but is equally powerful without bank integrations. It can serve as a true and better alternative to a joint bank account.

The infamous Venmo is like a social ‘payment’ network, enabling friends to repay debts to each other. Kiva does something very different in the space of collaborative finance: it facilitates micro-funding of artisan businesses in the developing world.

3)   Smart spending

Consumers who are not looking to borrow any money and already know where their money goes, would be curious to move to the next step: identify areas to save. This is where players like Snoop and Curve are particularly helpful. Snoop highlights alternative providers you might be interested to shop with and Curve helps you recharge your spending to whatever bank card gives you the best perks at the time.

4)   Personal Investments

Investments come as the next step of personal finance maturity. Getting the most out of the money one has today and getting ready for the future is a due concern for many consumers.

Apps like Wealthify are here to demystify investment processes & remove unnecessary jargon. Apps like MoneyBox make investments even less intimidating, since all you need to get started is a transaction you are comfortable rounding up to a closest number.

The world of personal finance keeps constantly evolving and it inevitably has something for every consumer. Whether one is looking for a better mortgage rate, needs transparency in everyday spending or is looking to save for retirement: personal finance apps are here to fit us all.