Finch: The new finance app for your social life
This app takes care of the financial admin that comes with socialising, including awkward IOUs and splitting the bill.
People have really had enough of the awkwardness attached to splitting the bill. It's the 21st century. We have driverless cars, virtual reality and artificial intelligence bots. Why are we still dealing with unnecessary IOUs after sharing a meal with friends?
Launching in Australia today, fintech startup Finch aims to reshape the consumer finance experience, offering a seamless solution to managing the financial admin attached to your social life. The new app allows Australians to pay and request money from friends in less than five seconds, run tabs in groups to track shared expenses and splits bills quickly and fairly.
The app allows you to pay or request money without the hassle of sharing bank account details. You also can set up automatic reminders for people that owe you money, saving you the awkward conversation.
If you have a group of people that you're regularly splitting bills with, for example, your roommates, the app allows you to set up group tabs so that you can add shared expenses and easily see who owes what and who hasn't paid yet.
There are several apps available that allow users to digitally split bills, including new app Splitr, which lets you split bills with friends or roommates by simply taking a photo of the receipt. But Finch goes one step further, offering users insights into their social spending so that they can improve their savings.
“Socialising is a big part of a millennial’s life, whether it’s going out, dining out or travelling with friends,” said Toby Gardner, CEO of Finch. “Not only do we want to make those financial interactions between friends fun and easy, but we want to help build their financial confidence by helping them understand their current social spending habits.”
Finch allows you to see your spending behaviours both inside and outside the app, with interactive insights revealing how much, where and when you spend the most on socialising.
“We’re meeting millennials at their current priorities in life, with the goal to continue supporting them as their priorities inevitably change over time," said Gardner. "We believe there’s an enormous opportunity to better serve customers by focusing on experiences and behaviours rather than financial products."
Have a friend that owes you money? Finch is available to download today on iOS and Android.
- Be money mindful: How to develop a positive money mindset during COVID-19
- Afterpay to offer savings accounts: Is it becoming a neobank?
- Volt joins fellow neobanks and announces a cut to its savings rate
- Xinja, Up, 86 400 cut savings rates: Are neobanks still competitive?
- UBank has dropped its savings account rate, how does it compare now?