Monefly launches free Fintech platform with Envestnet | Yodlee financial data
Monefly is an innovative new Fintech platform in Australia, focused on providing tools and resources that empower its members to grow income, reduce expenses, build assets, eliminate debt and protect themselves from risk. Some of these exciting tools include free property valuations, automated budgeting, credit scores, bank account consolidation and much more. Monefly aims to make financial health and wealth easier to understand, manage and continuously improve, in collaboration with professional advisors.
Monefly has partnered with Envestnet | Yodlee to help its members access comprehensive financial data available across banking and wealth management from over 16,000 data sources globally. “Synchronising your financial data is one of the key backbones to Monefly’s new platform,” CTO and Co-founder Justin Davey explains. “Our vision is to make it simple for our members to put all of the pieces of their financial jigsaw puzzle into a single location using Monefly, and then help them understand and analyse it, so they know their cashflow and net worth in real time. If you can measure it, you can manage it, and we believe we are going to be able to impact the lives of millions of people positively over the next few years with Monefly.”
The data being integrated into Monefly includes superannuation, cash, credit cards, personal debts, mortgages, assets, shares, real estate, credit scores and other investment data. By providing a holistic view of personal financial data, Monefly’s members and their advisors will gain valuable insights and a clearer understanding of their financial position, an important step to helping everyday Australians achieve their financial goals.
One of the best reasons to join Monefly, is that it is absolutely free and always will be for personal members. Co-founder David Hows said of the decision to keep Monefly free, “we are seeing the liberation of financial data globally, as consumers seek to take more direct control of their financial and investment decisions. We believe that providing Monefly free to consumers and generating subscription revenue from our professional users instead is the best model for delivering value to both important user groups. We chose Envestnet | Yodlee as one our key data aggregation partners due to their proven track record with bank-level security and global reach in over 15 countries. The Envestnet | Yodlee Data Aggregation Platform powers financial apps and services for tens of millions of consumers and can really help us step more easily into new markets in the future.”
Monefly also focuses on bringing together professional advisors and personal users in a secure workspace to allow information sharing through platforms like those from Envestnet | Yodlee and Dropbox. This workspace will allow professional advisors to offer advice and information to their clients in real time, creating a proactive instead of reactive approach to wealth creation.
When conducting initial research around the viability of Monefly as a model, it became increasingly evident that there is a lack of solutions that allow personal users and professional advisors to collaborate in a real-time environment. In the majority of cases there is a requirement for one or both parties to manually share information, Monefly essentially removes this requirement by allowing users to elect what information they want to share with professional advisors and for those advisors to be able see the information whenever they need it.
Professional advisors that are likely to find Monefly valuable include; finance brokers, financial planners, accountants, lawyers, property managers, property investment advisors and real estate agents. Membership options for professionals include both free and paid solutions. Professionals using Monefly are discovering that they can engage with their clients in a much more meaningful manner, especially when they are armed with the relevant real time financial information before making contact. This allows much deeper business relationships to be formed and adds to the ease of transacting with their clients.
When asked about future ambitions for the company, David responded “establishing our product in Australia during the next 2 years and innovating continuously, based on what our customers tell us is our primary goal, after that who knows which countries we enter next?”
You can visit Monefly online at www.monefly.com today to sign up for the free Personal or Advisor membership.