WeMoney is delighted to announce that we have been featured in the September 2021 Tech Invest section of the Australian Financial Review paper. We've also included the article below so you can have a read for yourself 👇
"WeMoney has sights set beyond Australia as they consider extending into international markets."
In 2016, when Dan Jovevski was in the market for a family home, he discovered a problem. Despite 13 years of experience in the finance industry, his own financial affairs were in disarray - he was overpaying on his insurance premiums and unknowingly dishing out hidden fees on almost all of his accounts. He was frustrated by the friction and lack of transparency when it came to managing his finances, and the process of reviewing his finances and switching to better products took him four days and left him exasperated.
Dan realised he was not alone - 57 per cent of Australians also report not feeling financially confident. So he created WeMoney - an AI-driven smart financial wellness app that provides customers with a unique, 360-degree view of their financial situation.
Members can discover their net worth, credit score and view a complete summary of all their financial accounts including savings accounts, superannuation, investments and Buy Now Pay Later services. WeMoney’s vision is to create a frictionless experience for its members to manage their money and optimise their finances. The company aims to provide members the opportunity to consolidate and refinance debt with the click of a button and achieve a better interest rate across their credit products.
What sets WeMoney apart is its approach of community and purpose alongside assisting members to manage their money in real time. WeMoney Members are invited to spread positive money ideas, ask questions and learn from other members of the WeMoney community, with content from a range of finance influencers or “finfluencers” such as Tash Invests, Justin Baldori and the Aussie Money Man, Nicholas Muscat.
Since its launch in late September 2020, WeMoney has partnered with a range of lenders such as Athena which is aligned with WeMoney to create the best outcome and revolutionise finances for Australians. Both brands are forthright in wanting to assist their customers to get ahead and make better financial decisions. WeMoney currently offers members a way to save on their home loans, personal loans, electricity and to undertake debt consolidation. According to WeMoney, Aussies typically significantly overpay for credit products, with 85 per cent overpaying on home loans, and 75 per cent overpaying for personal loan products.
Based on the current growth trajectory and amassing over 100,000 downloads since their public launch, WeMoney has sights set beyond Australia as they consider extending into international markets.
After a successful first round of $2 million capital raising backed by the RAC’s Better Labs and Full Circle, the startup is looking to raise further capital in the first half of the coming financial year.