I’ve been recently intrigued by them. Like their pitch, business model and more importantly their team appears talented with good track records.
Decided to follow the campaign and trial the product (1st impressions solid and it covers a lot of my bases/needs so has the potential to be my control centre)
A downside for me is that they seem to have neglected the app optimisation which I’m not keen on from an investor perspective given Emma and Yolt have such volume of good ratings being mobile-first. It’s fine to be multi-channel (web and app) but personally I’d think they’d be even further ahead than they claim if the doubled down on the app which for younger generations is key.
If they could give assurances that they would focus on boosting the mobile app’s profile, I’d probs be won over but in any case it’d be a token amount.
My main thought is that I’m not using the platform myself and I’m probably the target demographic. I got in on Freetrade because I use the app so I can see the potential.
I might try money dashboard again, but something just makes me uncomfortable having my data sold, even if it’s anonimised. I’m thinking if the banks have open banking APIs, could I just make my own finance tracker or could someone make an open source version where your data doesn’t get sold to anyone.
Might drop a little bit on them anyway as they’re a 10 year old, established company so I can see them doing well at this point as opposed to the startups you see on crowdcube.
I’ve used money dashboard for years, they do the job and have picked up the pace of development recently following their last crowdfund.
I didn’t invest last time or this time as I’m a bit concerned about what happens when banks move in and display all your accounts under one place i.e. when you can see your Barclays account within your Halifax app.
Banks are planning to do this for bank accounts initially, before then adding credit cards, mortgages etc. There’s a lot of value for the customer in doing this, so over time it will happen.
They do have a persuasive response regarding competition in full linked here.
Personally, I don’t think the legacy or challenger banks will offer the range of providers Money Dashboard are in the medium term. For example, RBS don’t even include the challenger banks in the first iteration of their aggregation play.
Also, I think the independent 3rd party point is marketable; it’s just a case of whether MDB can take advantage of it quickly enough. Banks will skew aggregation & marketplaces in their own interest in ways Money Dashboard may not.
I’m not convinced by their argument that the challenger banks aren’t a threat.
Monzo’s core concern isn’t to get customers to use Monzo as their primary bank. A Monzo employee relayed a comment from Monzo’s CEO that instead, it’s to make Monzo the first place that users go to check on their finances, at their most recent Open Office event.
And the comments on customer acquisition costs are very disingenuous, the challenger bank’s CAC is much closer to £10 (possibly less), not £100 - £200.
I had high hopes for this wrt the Marketplace but no longer think it will meet my expectations based on what I’ve seen regarding Monzo Plus and the cut they take with their savings integrations. I foresee Monzo being my primary bank (i.e. in a full Monzo CASS kind of way) but not necessarily my personal finance hub for a full picture of my finances. Hopefully they will be though.
Yes they’re conflating the costs of challengers and legacy, which can be inferred from their use of just umbrella term “bank” but I personally give the benefit of the doubt on that one as it could be just a simple mistake.
I think they were good as they were early but challenge banks are definitely a threat. I don’t think it’s a good idea to invest in them for this reason.
Sorry to reignite this old thread, seems like the most appropriate place.
Anyone an investor in Money Dashboard? Just seen the CEO of the last 5 years is leaving the company. They’re also raising £700k, wonder if this a poor sign.
I got their investor email, it says revenue is down ~30% this quarter, because they had to re-register all their users or something.
I’m holding the shares anyway, but wonder what the prospects are for the company.
I invested last time and if I’m honest I don’t feel very confident at this moment in time of seeing any return. I like to look on the Apple store to check how the updates are going of the APP’s particularly the position in the rankings and how much they have built into the app. MD in both cases are really bad especially the building of the app
Hey all,
Yes I’m a share holder from the crowdcube few years back,
I agree I never heard much over the years about company but over the last few months I’m hearing more,
The investment email and the crowdcube call gives more details.
I decided to sell my shares and I’m in the middle of the transaction. It’s a pain by the way!! And takes ages.
I’m a little worried about the CEO leaving as he was one of reasons I invested in first place.
Keen an eye out where he goes as he’s a clever, articulate down to earth man.
I get the feeling this company will get bought out in a few years.
Question can you sell your member shares? Think I have 60 of them,
I’m not feeling this company hence selling,
