Money Dashboard offers users the ability to better track and manage their finances (from bank accounts, credit cards, store cards, etc.) in one secure place. The Company’s proprietary transaction tagging technology analyses the user’s spending into categories, providing an automatically updating, consolidated view of their financial lives.
Money Dashboard aggregates its user’s data on an anonymous basis to analyse consumer spending trends which can be sold to institutional investors and others (the “Data Insights” product). In December 2018, Money Dashboard announced a strategic partnership with Go Compare to help them to better understand their customers and tailor product and service offers, whilst giving Money Dashboard access to their anonymised transactional data to enhance its Data Insights product.
In March 2020 Money Dashboard won Best Personal Finance App at the British Bank Awards – an award the company had also won in 2017 and 2018. During 2019 the company won FinTech of the Year and Best FinTech Collaboration at the Scottish Financial Technology Awards; and Best use of Data Science for Good and Best Innovation for Savings Journey at the fDATA Open Banking Awards.
As well as growing its user database directly, Money Dashboard is also taking advantage of the introduction of Open Banking in January 2018 to integrate its product with banks own systems, providing the same service to the banks customers. In the last year, it has done this with Starling Bank and Monzo, the popular mobile-only bank. As a result, the number of bank accounts connected to Money Dashboard’s app now exceeds 1 million. Funds will predominantly be used to further develop the product, thus ultimately growing the user database.