Startup offers financial advisory tool straight into banks' existing online services

Meet Moneythor which started operation this year.

According to the company’s primarty founder Olivier Berthier, Moneythor is a financial technology company operating an online personal finance service and developing banking software components designed to help consumers monitor and improve their financial performance straight into their banks’ existing online services.

“ The focus of the solution on offering pro-active tailor-made and value-add financial advisory to consumers and do this right in the existing online services of their banks is unique on the marketplace today. We have also developed proprietary technology including a bank statements categorisation and recommendation engine which offers a new way to enhance financial transaction data,” he said.

 As many ventures, Berthier said that the company started out of a couple of frustrations.

First  as users themselves and relatively budget averse consumers, Berthier said that they have always been annoyed by the limited value of the online services exposed by our banks, with little more than transaction capabilities like reviewing limited transaction details, paying a bill or doing a fund transfer.” Despite the rich information in our bank statements, no financial advice tailored to our profile was delivered to us by our banks, with nothing to help us cut back on expenses or invest without needing to work outside, with dedicated money management tools.”

As banking software providers themselves meanwhile, Berthier said that they have experienced first hand the difficulties faced by banks to upgrade their existing and too often basic online banking service and capitalise on this relationship to drum up some much needed customer loyalty.
“Moneythor's objective is to tackle these pain points, experienced with online banking by both consumers and banks.”

 The service which started this year is currently live in close beta dedicated to consumers in Singapore but founders said that they are planning to open the service to the wider public in a 3-4 months timeframe.

 The next phase of development includes the engagement with additional financial institutions, countries and other players such as merchants.

“The focus on increasing customer satisfaction, enhancing the digital experience, and revenues have become the most important objectives impacting banks’ IT investment strategy and we believe that we are well placed to capitalise on this trend. It is particularly strong in Asia where IT spending by banks in the region is forecasted by industry analysts to grow between 5% and 11% this year,” said Berthier.

COMPANY PROFILE

Name of the company: Moneythor
Founder: Olivier Berthier
Website: https://www.moneythor.com
Major investors: founding team
Total funding at hand: undisclosed
Target fund: early stage
 Start of operation: 2013