The startup ecosystem here in London has already produced some of the world’s most exciting fintech businesses. Just look at TransferWise and Funding Circle. But for every giant there are hundreds of true ‘startups’- keen entrepreneurs and teams, huddled in coworking spaces, trying to pull together a great product on a shoestring.
Here we turn our attention to one such startup. Want to know about the next big thing? Look no further… In a nutshell Pariti is a personal finance app that guides users towards a secure financial future, helping them out of high interest debt. Effectively it’s the anti-Wonga (my words, not theirs!).
Since starting up in August 2014, the team has launched a basic ‘balance checker’ app, with a larger, full feature product currently in beta. It promises to link up to all your bank accounts, track your day-to-day spending and show you where you might be able to save money.
In future, for those who need it, the data provided will help them work towards a better credit score, and in turn, give access to preferential loan options and rates. Just imagine a world where new data streams, helpful UX and the latest mobile technology actually help improve people’s financial outlook. That’s surely what fintech should be all about; democratising finance through clever new technology.
Pariti CEO, Matthew Ford, as well as several of his team, have a great fintech pedigree. Their previous project, an app called On Trees, was sold to MoneySupermarket last year. On Trees is a personal finance dashboard app, and what their team found was that users were often people looking for help. Help controlling their spending, help getting out of debt, help accessing credit. That’s when Pariti was born.
There are a number of companies that do similar albeit slightly different things. There’s On Trees, obviously, and there’s the web app Money Dashboard (based in Scotland), both of which provide actionable data via Yodlee connections. In the credit scoring space, there’s Aire, which gives people without credit history a new type of credit score. Tackling payday lending is Squirrel, a company that’s aiming to help employers provide cheaper access to credit to their employees.
The current app is super simple. There’s not much to it, but what it does provide is really practical- it tells you how much cash you have left until payday. That’s it! Download the app (currently available on iOS only), create a Pariti account, and then hook it up to all your day-to-day bank accounts via a Yodlee connection. Once you’re set up, you can use the app to proactively check on your bank balance. How much do you have left until you’re paid next? How much minus any upcoming bills? Now you can find out in a jiffy.
Want to find out more?
Go to pariti.co.uk to apply for early access or download their ‘balance checker’ app from iTunes.