“There must be an app for this”
Apps have increasingly taken on the (virtual) role of “The Coach”, guiding you down that path to your personal or professional goals – whatever they might be. Search a little, and there is going to be an application out there in cyberspace that will be able to coach you to that version 2.0 of yourself you’ve been aiming for. Want to master the art of mediation? Planning to attain your personal best in your next race? Training to achieve that yoga pose? Looking to nurture the positive thinker in you? Check and check; there are apps for that now.
The tech gurus of the world are out there, and they are building tools to help us improve ourselves and improve our lives. That brings us to the story of MoneyCoach, and how their app is everything you’d need to manage and improve your financial life.
The MoneyCoach Experience
MoneyCoach is an AI-powered smart personal finance application. True to its name, the app is engineered to help you get out of debt faster by tracking your budgets and expenses on a daily basis. You can set up budgets for your everyday expenses and see how much you will be able to spend on a daily basis, or how much money you’ve got left after all your fixed costs. With the app, you’ll also be able to see your Net Worth progression through time and visualize how much money you have managed to save. The app also offers multi-currency support, in real time.
But that’s all the tech talk. Behind this app are two young entrepreneurs Perjan & Krist and their small team, who who care about their users and have made plenty of effort, (100% self-financed) to bring their application to everyone.
MoneyCoach is not just an another generic, glorified note taking app. We tried to infuse a real persona into MoneyCoach to make it feel like it is another human being – a friend, that it’s talking to you. We want to be a staple in the world of financial literacy apps. We didn’t want this tool that we’ve built to be just another financial application you use for a couple of days and that’s it. With our app, if you put in the work, you’ll get rewarded. Aim for the moon, reach for the stars!
– Krist Duro, Brand & Marketing Consultant @ MoneyCoach UG
“You Have to Work For It”
MoneyCoach is built on the same principles as a health or fitness app. You track your current financial status, and you set objectives and goals. The app motivates you to do better based on the progress you’re making – or not making. The app ‘talks’ to you like a coach (or friend) would, and if you start disappointing him, well, he’s going to pick on you from time to time, just so that you start making moves to earn and save more money.
The big goal of the app is to help families live happier lives by decreasing their debts while increasing their savings. The dedicated team behind this app wants to end divorces caused by financial problems. Sounds like a big undertaking for just a small team and an app, but to them, even if they manage to save only one child from an unhappy childhood caused by the separation of their parents, that’s a win.
Recently, one of their users reached out to them mentioning how he managed to save almost a 1000 euros in 3 months just by dedicatedly using their app! How? Read the story here.
The Path Ahead
From business owners in Nigeria to Italian doctors managing their clinic’s finances to the countless numbers of young professionals managing their family finances, MoneyCoach has gone global. In that same wave, the gradually growing company is also facing some challenges: what they’ve realised is that they need more human resources in order to implement new features and solutions at a faster pace, in order to help their users. They are also looking to gain more capital to fuel their growth.
Being one of the 4 startups in the Think Forward Initiative Accelerator program has offered MoneyCoach valuable takeaways and relevant insights on how to take their company to the next level.
Benefiting from the past weeks of being in the TFI Accelerator, we now have a better understanding of the research and insights on spending behaviour and how to change that for the better. Startupbootcamp has been giving us plenty of guidance and coaching when it comes to scaling our business fast and reaching out to more people who can help us in doing that, all whilst running our business in a healthy and lean way.
We’ve also had alot of discussions with the partners of TFI – we’re currently working on some things (that we can’t talk about right now) stemming from those discussions, that could potentially help us grow our solution further. We’re looking forward to building up partnerships with everyone we’ve met through the ecosystem and hope to see our connections last even beyond the accelerator! Because at the end, Rome wasn’t build in a day. Changing lives takes time.. and resources.”
– Perjan Duro, Founder & MoneyCoach UG
They’re hoping that opportunities to partner with a bank and acquire grant or seed capital will open up in the future, through being part of this new ecosystem.