Have you ever looked for ways to undertake some of your personal financial matters on a single platform? If so, Cape Town start-up Moneysmart has platform that allows people to manage their financial matters in one place, from banking and expenses to insurance and investments.
The idea of this start up was the brain child of Zulfiq Isaacs and Tobie van Zyl who initiated the idea of Moneysmart two years ago prior to Van Zyl’s experience as a broker and financial advisor.
Isaacs said that they discovered that most South Africans managed manifold accounts on different platforms when it comes to their finances, “we wanted to create a single place online for people to manage their money and have access to financial products that suited their financial profile.”
How does this work?
With Moneysmart, you can link your bank account to the Moneysmart profile thereby categorizing your transactions. The start–up is designed to take effort of categorizing transactions and equip users with meaningful data about their spending and be able to control their financial lives back in their hands.
You can upload comma separated value (CSV) files, which banks offer as a method of exporting statements from online banking if you are cautious about sharing your banking details with Moneystart.
Commenting on how this start-up works, Callan Vorster a chief technical officer and product manager at Moneysmart said a user can create budgets and set goals thereby tracking his spending with frequently updated data.
“People make budgets but often have a hard time sticking to them. Everyone has a mix of known and unknown expenses. The known ones are easy ones to track, but the unknown ones aren’t, which often means people draw up a budget with the best intentions but run out of momentum,” said Vorster.
This product has a market place that enables users to look for financial products which match their financial profiles.