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Deep Dive: Spendee, the Money Management App

We caught up with the frugal folks over at Spendee, they have an amazing app with a whole range of features dedicated to helping consumers manage their money better.

Spendee is available as a free download on both the Android and Apple App Stores as well as on the desktop with a web app version. We talked about their great origin story, what has made Spendee so successful and the importance of listening to their user base to create new features.

What does your app do?

In simple terms, Spendee makes managing personal finances effortless and easy. Spendee brings together statements and transactions from different bank accounts, credit cards and cash payments all in one place, accessible from anywhere in one click.

By pulling in all of your data in one place you’re better empowered to understand your cashflow and set up budgets by category of spending. Most of us lack strict budgeting habits, but we still want see where we are overspending and save more money, so this puts you back in control without lots of manual paperwork and calculation.

How did Spendee start?

Spendee started as just a side project of one of the co-founders. He was travelling a lot with multiple cards and cash and realised that he didn’t have a simple tool that could help him to manage his money effortlessly, on the go. He began to search for this app and couldn’t find it, so he decided to make it himself.

Initially the app was shared with his friends and they all used it as a simple expenses tracker but since then it has grown into a much more fully-featured personal finance app that helps hundreds of thousands globally to manage their money more efficiently.

What types of people use Spendee?

Spendee is for everyone that wants to manage their money. We want to put an end to difficult and time-consuming money management. Managing money should be effortless, painless and straightforward so that you can save money and time for what really matters in your life.

That said, we bear in mind four different reasons people are motivated to pay attention to budgeting, each using certain features more than others:

  • Life Changing Situation: Users expecting to go through a radical change in life (university, wedding, moving house) which force them to manage their money differently.
  • Control Freaks: Users who want the best value they can. They can be very risk-averse. Spendee represents an easy and quick tool for controlling and managing their money from one place with easy to understand reports and charts.
  • Need-to-Save: Users who are going through an unpleasant financial situation and need to have every penny under control to make ends meet. Spendee helps them find ways to save money and with the budget feature it alerts them if they are running out of money too soon.
  • Want-to-Save: Users who want to reach their saving goals. They are optimistic about the future and tomorrow is more important than today. Spendee helps them plan for their financial future and achieve their goals.

Why is your app different?

We employ a user-centric approach with a focus on UX and customer supports as necessities but if we had to pick just one feature, it would be the All Wallets Overview at the moment. It enables users to see all their financial accounts together with cash, E-wallets and even cryptocurrency wallets in one single place.

We do see ourselves as a mobile first company, so we pay a huge deal of attention to our mobile apps, however we have recently launched a web app version of Spendee which is quickly becoming a great complement for everyone who would rather analyse their money on the desktop.

How important is pricing?

We believe it is fundamental to offer a free version of Spendee to everyone who needs it, that’s why the main functions used for managing your money are all available in the free version.

Having said this, we do offer a premium version that opens the door to even more possibilities on how to save money with features such as optimising budgets, integrating bank accounts and shared wallets. We offer a 7-day free trial of the premium version to everyone so they can see the value that it can bring to their life.

Do your users stick with Spendee long term?

The most important part in terms of regular and long-term usage is the product itself. We are highly focused on UX and UI so that the app is, and remains, as easy to use as possible. Also, we are constantly verifying that features we are providing give value to our users and are helping them to solve their problems.

It is crucial that users find valuable and accurate insights about their spending behaviour that help them to identify where their problems are and suggest to them what to do to improve their situation.

Is your app finished?

To be completely honest, I don’t think there will ever be a time when we would be able to say that Spendee is finished.

We listen to our user requests, which we believe to be crucial as some of the best ideas for features have come from the Spendee community so we have a lot of features to implement from there. We also have our internal road map too, so between them it feels like our huge list of features is growing every day.

We will be continuing to add new banks to Spendee, and thanks to the PSD2 legislation we will be able to connect every European bank using their public API directly.

In the future we also really want to introduce an Automatic Bill Payment option which would enable our users to have their monthly bills paid automatically and therefore save them more time.