Calculus Capital portfolio company, Money Dashboard, has reached an important milestone as the number of bank accounts connected to its app surpassed one million, driven by its 450,000 users. Edinburgh-based fintech Money Dashboard offers its users a free view of their finances (from bank accounts, credit 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.
The significant increase in user numbers, and the subsequent rise in connected bank accounts, has been driven by the introduction of open banking in January, allowing a more secure way for customers to give providers access to their financial information.
Featured in an article by the Scotsman, Steve Tigar, Money Dashboard’s Chief Executive, said the app’s apparent 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. 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 one million 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.”
This follows a positive period for the company, having recently integrated with digital banks Monza and Starling Bank, given demand from users.