The startup aims to make money management across markets easy and accessible.
Smart spending tracker gini has raised US$1.6m in a seed round led by early stage fintech VC Vectr Ventures in January in its bid to help users take greater control over their finances.
Through gini’s mobile app, users can easily view their spending across all off their bank accounts in one convenient viewing. The app also has a feature that enables users to pick up, sort and categorise expenses as well as generate visual insights like pie charts and graphs on their spending.
The startup draws its name from the Gini coefficient which measures income inequality. In June 2017, Hong Kong’s Gini coefficient hit a 45-year high at 0.539. “Hong Kong has one of the worst
Gini coefficients. We can’t fix that but we can give people the tools to deal with this,” CEO Raymond Wyand said.
Since its beta launch in March 2018, gini claims to have amassed 20,000 users and handled over $6b in transactions in line with its goal of being compatible with over 3,000 overseas banks across 60 countries before 2019 ends by starting with over 60 banks across Hong Kong, France, Switzerland and the UK.
“Ultimately, our goal is to build a truly worldwide financial marketplace, to service not just a user’s home market but make managing money across markets accessible and easy for anyone to do,” Wyand added. “This new seed round allows us to start making that vision a reality, and we have a strong new partner in Vectr who shares our passion and believes in our vision for what gini can do to disrupt the global personal finances industry more broadly, and make financial freedom accessible to everyone around the world.”
Photo from gini's Facebook page
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