This post is made possible by Microsoft BizSpark as a new part of the Spark of Genius series that focuses on a new and innovative startup each day. Every Thursday, the program focuses on startups within the BizSpark program and what theyre doing to grow.Money Dashboard hopes to do in the UK what Mint successfully accomplished in the U.S. survive the uncertain online personal finance management market and build a useful tool loved by most.
The startup makes a web-based financial tool that runs on Silverlight and uses Yodlee (also used by Mint) to aggregate financial transactions from users bank and credit card accou! nts.
Users can get a snapshot of their financial well-being via the dashboard, manage and group spending with automatically applied tags, set budgets and track spending, and configure e-mail alerts for account activity, like when a bank balance drops below a certain amount.
With Mint only supporting users in the U.S. and Canada, the UK market could very well be ripe for a big hit in the personal finance category. CEO Gavin Littlejohn hopes Money Dashboard, which has been in an extensive beta period since May of last year and is readying for an official product launch, will be that hit.
Money Matters
Here in the UK, there is very little access to financial advice. Most people dont know their bank managers, and few people have access to a financial advisor, says Littlejohn.
But roughly 25 million consumers are using Internet banking services in the UK, he says. As such, he believes the market demands an all-in-one dashboard that helps users better understand and manage their finances.
Still, the startup will need to convince UK users that there is a tangible benefit to providing their financial account information. The company has spent the last several months perfecting the beta product for that purpose.
We want to communicate to the market that were here, that we work and that there are tangible benefits for using the service, Littlejohn says.
Money in the Bank?
Should it wish to succeed, Money Dashboard will also need to circumvent the murky waters that sunk the likes of Wesabe and Kublax, the latter of which was a UK-based personal finance startup that shut its doors in February 2010.
Littlejohn believes Kublax was dealt a crippling blow by a tenuous economy when it needed to raise more capital. Money Dashboard, however, seems to be secure for now, having raised more than $3 million dollars from angel investors with retail and finance backgrounds. The startup is looking to take on further capital, according to Littlejohn.
It also monetizes its service through affiliate relationships with financial service providers. Money Dashboard attempts to recommend services in the Ways to Save section of the site based on users financial needs as determined by account activity, and it earns a percentage on leads from the third-party providers.
The elephant of the room is, of course, Mint. The Intuit-owned company has previously indicated plans to expand to the UK. Should it do so, that would be problematic for Money Dashboard. Littlejohn credits Mint with innovation in the space, but he ultimately believes his company has local market advantages that will help it win out in the UK.
For now, Money Dashboard is a web-only product; but mobile applications are in the works, along with additional features to help users improve their wealth. The company also has a more long-term goal of introducing financial products that contextually and behaviorally meet the needs of users.
Images courtesy of iStockphoto, Adriana3d, Flickr, s2photo
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