For the 6th installment of Fintech Stories, we sent our questions to one of the fastest-growing fintech startups in CEE, taking an aim to build products on top of recent updates in the payment services regulatory framework. Here is what Jan Muller, founder of BudgetBakers, had to say about their budgeting app Wallet and plans of their expansion.
Give us the 2-liner description of Wallet by BudgetBakers
Wallet helps people, families and groups manage their money better. It is available across platforms and helps people regain control over their finances. Wallet helps them stay on track, budget easily and achieve their goals.
What’s the problem that Wallet is trying to solve?
Studies done worldwide shows that money is the topmost cause of concern for most people. We want to take that worry away from people by giving them a tool that is simple, yet efficient. Personal finance is, indeed, ‘personal’. So, Wallet won’t ask you to change everything you were doing, instead, it adapts to your rules. It will help you get better with your money and make sense of how to make it work for you. It is empowering to know that you’re in control of your finances. We want to give our users this feeling of accomplishment and freedom. They can then be stress-free and focus on other things in life.
How many people on your team have prior experience in the financial/fintech scene?
A lot of our team members have prior experience in the finance sector. Before I founded BudgetBakers, I was working with one of the leading banks of Czech Republic. Our CEO, Michal Kratochvil is a known figure in the fintech scene here. He served as the Managing Director for Accenture Consulting for 11 years before he came on board with us. He has been advising banks around CEU for over 20 years and is now a board member of the Czech Fintech Association.
You currently have more than 2.5 million people who have downloaded the app all around the globe. What are some growth tactics that you have employed successfully to reach this number?
Our main tactic is to never compromise on the quality of our product. We listen to our users and try to add features that provide them value. If you look at our growth, you’ll find that it has been organic to a large extent. We rarely rely on massive marketing campaigns.
What do you see as being the customer persona of Wallet’s standard user?
Anyone who wants to start managing their money well is our potential user. A majority of our users are well-organized and are looking to extend this to their finances as well. But Wallet also has features, like automatic bank sync, that help users who work with less structure get the same information about their finances. The beauty of Wallet is that no matter how organised or messy your finances are, you can still derive value from it. It is flexible, can be customized and is a simple-to-use tool.
PSD2 has made banks feel a tension in their near future operations. How do you see the legal framework’s role in Wallet’s development?
We’ve been syncing bank accounts from over 4,000 banks around the globe more than a year before the talk about PSD2 started. We see multi-banking as a way forward for a significant number of our users. So we welcome PSD2 because it will set down some rules and help build user trust towards tools like Wallet that follow these rules.
What are some valuable fintech and financial industry readings you recommend other entrepreneurs in the space should add to their reading list?
While working on improving Wallet, what helps us the most is listening to what our users have to say. But to stay updated on what’s new in the fintech sector, we recommend sites like Bank Innovation, Quartz, Tech Crunch, Finovate and Daily Fintech among others.
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