Oval Money, (the first crowdshaped financial planning solution for millennials), today announced the launch of its beta version iPhone app.
Oval Money was born from the need to create a product for the youngest adult population and for those that feel excluded from the financial services industry. Only 15% of all young adults in the world hold a savings account and are able to put money aside and start planning for retirement. Oval address the gap in this market with a more transparent and inclusive solution that enables millennials to keep track of spending and to be more careful about saving.
To register for the new app, users need to sign up to the waiting list on www.ovalmoney.com. Initial access is granted to a number of users every day. Oval is a simple app that links to accounts and credit cards as well as mobile payment solutions to track spending patterns in a simple and automated way. By analysing financial habits Oval educates users to save through micro-transactions that move money from the linked bank account to a secure and guaranteed saving account, where the funds are accessible at any time. Oval has also created a crowdsourced marketplace of savings ideas and tips that can be followed by ‘Ovalers’ encouraging a more reliable financial behaviour by users.
“We have spent months working on Oval’s simple and beautiful user experience. We believe that a reward based system alongside constant performance tracking against goals have shown to be a winning combination in fitness and wellness, and can be easily translated to finance.” says Benedetta Arese Lucini, CEO and co-founder of Oval - “We then add on top, like no other app before, a crowdsourced community that shares the best ideas for saving through our magic rules, making it inclusive to everyone and inspiring new ways to save.”
Lucini is one of the three Italian co-founders behind Oval money. Collectively they recognised in the spirit and traditions of their country a possible business opportunity to change an individual’s relationship with money and spending. Italians continue to be one of the European countries with the lowest household debt per capita, standing at half of that of the UK. Italian tradition encourages spending on beautiful and quality products that remain timeless, thus people do not want to give up their spending habits.
Oval’s idea was born from the need to encourage digital payments and at the same time associate a micro-saving behaviour to every purchase, with simple roundup and top up rules, playing on rewards, transparency and empowerment in the experience just like many successful fitness apps have done over the years.
Oval Money is the winner of the 25DX25K competition open to Fintech and mPayment startups, launched in March by b-ventures, the accelerator program backed by DOCOMO Digital (the operation unit for the global digital ecosystem platform business operations of NTT DOCOMO). Oval will be seeded with 25,000 Euro and will get 25 weeks top-class coaching and mentoring, with the possibility to share b-ventures office space in London.
“We are excited to welcome Oval in our program, they are a solid and experienced team and their app is the perfect answer to an emerging need, easy-to-use, effective and socially attractive. Synergies between Oval and DOCOMO Digital’s mCommerce solutions are indisputable, and the time they will spend with us will further exploit all mutual business opportunities while supporting Oval’s rapid growth” commented Mauro Del Rio, founder of b-ventures.
“Making financial planning accessible to a new generation of financial services customers symbolises the ambitions of the FinTech sector. Companies like Oval Money is democratising services by giving people the chance to take charge of their financial future by making it easier to track spending and save through a mobile device. This awareness leads to greater financial literacy and better decision making when it comes to choosing the right services for consumers.” said Lawrence Wintermeyer, CEO, Innovate Finance.
Find out more about Oval Money and witness a demo of their new app at the Wired Money 2016 Startup Stage on June 23rd that will take place at the British Museum.