Fintech, Financial advisor in your pocket backed by ex-ANZ CEO
Rising Australian fintech Yondr Money launched in February and is set to raise up to $1.5 million to fund its expansion as an alternative to mainstream banks.
Only 64 per cent of Australians are considered financially literate. That means approximately nine million people have no idea where their money is going, making it challenging to keep on track with their financial goals.
Melbourne-based fintech, Yondr Money, is drilling down into the spending habits of consumers, and building savings tools teaching them ways to save for their goals while helping them better understand where their money goes.
After witnessing many friends and family financially struggling to get into the housing market, founder of Yondr, Shane Chanel, set out to help more people take control of their money.
“Research tells us 70 per cent of Australians have no automatic savings in place to help them achieve their financial dreams,” says Chanel.
“Yondr is focused on giving its customers more control of their finances and providing various tools that can be easily integrated into their daily lives, helping them to achieve their goals – such as going on a well needed holiday or becoming homeowners.”
The up-and-coming Fintech is backed by former CEO at ANZ Bank, Mike Smith, who sits on the advisory board at Yondr Money.
“Yondr represents the future in an economic landscape that craves low-cost, efficient, and safer banking experiences,” says Smith.
Using Artificial Intelligence (AI) and other machine learning processes, Yondr Money has rolled out their beta smart money app that improves financial intelligence and outcomes for consumers.
A customer-first alternative to big banks, the fintech platform aims to help more Australians become financially savvy by equipping them with the tools to monitor, track and set limits on where they’re spending their money – wherever in the world they are.
Yondr Money’s initial offering also includes – a multi-currency account attached with the option of a physical and virtual VISA cards, accessible through an intelligent mobile app– is aimed at reducing the cost of travel for the approximate 10 million Australians who travel every year (pre-pandemic).
While travelling internationally, Chanel was shocked to see the disparity between the financial services offered overseas compared to Australia.
“Australia is years behind other countries when it comes to accessing high quality money services. In the UK alone there are over 38 Neobanks, providing innovative, low cost and customer-first banking solutions at people’s fingertips,” says Chanel.
“With only one in four Australians having heard of Neobanks, we have a lot to do in creating awareness that there are better and more efficient alternatives to the way we spend and manage our money.”
According to Chanel, Yondr Money has received encouraging support and commitment from an initial round of capital raising among angel investors.
“We are currently raising via a crowdfunding raise. Given the high level of support we’re getting, we may do another round of capital raising as we ramp up our products and distribution channels,” Chanel said.
About Yondr Money
Yondr Money is a technology-driven fintech company based in Australia that offers an intelligent and streamlined, customer-first alternative to mainstream banks. Yondr was created to address some of the banking industry’s most pressing issues and to tip the balance back towards the customer.
Visit linktr.ee/yondr.money for more info.