MoneyStream, a new personal finance service, enables consumers to see how much money they will have each day for the year ahead.
Using predictive algorithms that automatically scan transactions and detect bills based on payment history, this is the first personal financial service that forecasts cash flow.
"Consumers have had to rely on a financial rearview mirror until now. They only knew where their money went, not where it would be in the future," said Mike Bertrand, CEO of MoneyStream. "Finances are unpredictable and current tools are built around the assumption of consistent income. MoneyStream's money management ecosystem creates predictability in a largely unpredictable space."
How it works. After you securely connect your bank account, credit card and biller accounts, MoneyStream uses proprietary predictive algorithms to automatically scan all your transactions to detect and predict upcoming bills and income. lt organizes all of your information and displays it in a streamlined graphical calendar, with alerts in place to monitor anything unusual, allowing you to see both past and projected future cash flows.
What distinguishes MoneyStream from competition, in addition to the predictive algorithms and user interface, is the ability to use credentials from more financial institutions and billers than anyone else, due to proprietary network protocols.
The company recently closed its Series A of $3.2M, led by H&R Block as well as notable angel investors including Bruno Bowden and Kim Polese.
"H&R is very focused on delivering innovative services for our clients," said Jason Houseworth, President, U.S. Tax Product and Strategy Development, H&R Block. "MoneyStream's ability to integrate information from so many different sources to forecast cash flow and provide a holistic financial view meets our unique business requirements."
The company aims to improve peoples' financial lives in three main areas:
Giving Better Visibility and Control: Despite all the financial apps available, there is still little visibility into where our money is going and how it is being spent. MoneyStream's unique calendar-based interface tells you how much money you'll have and when, and shows you every bill and inflow moving forward.
Integrating a Disparate Financial Ecosystem: The complexity in our lives is made worse by the patchwork of financial point solutions we are forced to use. MoneyStream simplifies all this by offering a money management ecosystem. It connects and aggregates data from all accounts -- deposits and bills, as well as payments in transit, bringing all the point solutions together.
Putting the User's Interest First: Consumers don't realize how much money financial institutions make on consumer mistakes, such as overdraft and late fees. For example, in 2013, consumers paid $32B in overdraft fees. MoneyStream provides great predictability for when upcoming bills are due, with a graphical bill calendar and auto-reminders.