New personal finance app, WLTH, launches in Australia

Alison Banney 14 September 2018 NEWS

WLTH offers a complete picture of your finances, from your banking to your super, in the one place.

Fintech startup WLTH has officially launched this week, offering Australians a complete picture of their financial position at any given time within the one platform. WLTH connects with hundreds of financial institutions in order to give users access to all their financial data in the one place and in real time.

A user can log in to the app to get a complete image of their financial position including their bank balance and transaction history, their share holdings, their superannuation as well as the valuations of any assets they might own including property or even their car. To do this the app securely connects live data feeds with major financial institutions including more than 100 banks, Core Logic RP Data, the ASX, Redbook and accounting platform Xero. Xero itself launched its new open banking API last week, enabling small businesses to facilitate a seamless flow of data between their bank or financial institution to their Xero platform.

WLTH is a read-only platform, meaning users can view all their financial data using the platform but aren't able to facilitate any financial transactions, such as paying bills or transferring money. WLTH co-founder Brodie Haupt said it's designed to offer a picture of your financial position, to help users organise and analyse their finances.

“Our aim with WLTH is to try and reduce the amount of time and stress you currently put into managing all of your finances. The result is a simple platform that allows you to track all of your assets and assists you to better manage your money, with less time and stress," he said.

We've seen a number of apps offering Australians a snapshot of their finances roll out as the open banking movement progresses and more fintechs are able to access live data feeds from banks and other financial institutions. In January, personal finance app Pocketbook became the first Australian fintech to connect with Macquarie Bank's open banking and data sharing platform, allowing Macquarie customers to add their bank account and credit card details to their Pocketbook account and manage their finances within the fintech app.

In June 2017 we saw Moneytree, an award-winning personal finance app in Japan, launch in Australia which also allows consumers to see all their financial data including their savings, loans, credit cards, superannuation and investments in the one place. Later on in September 2017 we saw the launch of PictureWealth, a wealth management app which provides users a snapshot of their personal finances in one image, or a "Welfie" as they've called it.

"Whilst similar software has been commercially available to the finance industry, we’ve collated data and features from a number of sources to put that power directly into the hands of Australian consumers, at an accessible price” said Haupt.

WLTH is free to download for iPhone, Android, tablet and desktop. The free version of the app offers home and car valuations, ASX share feeds and customised WLTH reporting. The premium version costs $29 a month to subscribe to and offers real-time bank feeds and live RP and Redbook data, as well as the ability to track property portfolio performance and a range of tax and budgeting tools.

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