It’s been a big few weeks for WeMoney, closing a $3 million funding round and last night, winning three awards at the Finnies including Fintech Organisation of the Year — People’s Choice Award.
The three awards that WeMoney won are:
- Excellence In Wealth Management (Including PFM And Robo)
- Excellence In Open Data
- Fintech Organisation Of The Year — People’s Choice Award
WeMoney Founder and CEO, Dan Joveski said “A huge round of applause for all the other winners and finalists in last night’s Finnies — we were honoured to be side by side with the best of the best. Last night was absolutely electric to see friends and colleagues of WeMoney — congrats to winners and finalists!”
Before FinTech Australia announced the 2024 Finnies winners, we caught up for a quick chat with founder and CEO, Dan Joveski, to find out a little more about the WeMoney journey and what they plan on doing with the capital.
The WeMoney story
Dan Joveski didn’t grow up with money. So for him, WeMoney is a solution to a problem he’s experienced and knows well, having seen firsthand the struggles people have managing money and understanding their finances. His personal background combined with the knowledge sought through an undergraduate degree in finance and working in banking for three years, gave him the insight that was needed to start WeMoney.
“If my situation is like this, how many other people also have the same situation? It turns out to be many, many, many, many, many, Australians” Dan told Startup News.
What most people in Australia don’t know is that we’re the six highest country in the OECD in terms of debt per capita. It’s a massive problem in Australia and it’s growing.
“There’s 2.3 trillion dollars of consumer Debt in Australia and it disproportionately affects young people. The average debt for a typical 30 year old is about $28,000 of non-mortgage debt — this is the accumulation of not just the credit card but the car loan, the personal loan, and anything purchased on buy now pay later.”
How WeMoney aims to reduce this problem
In simplified terms, WeMoney connects all of your financial accounts via open banking. The result is a 360° view of your money where you can see all of your finances in one place, analyse them, and identify opportunities to save.
Using the platform, you can quickly identify savings on typical products that most consumers use — like credit cards, personal loans, car loans, and mortgages. It shows you the interest rate that you’re currently paying as well as alternatives in the market, helping you identify opportunities to get a better deal for you in the longterm.
Download the app on Google Play or the App Store and have a play with it to see how it can help you.
Raising $3 million to grow
“Capital is not the primary motivator. We always thought that the really important thing for us is to select our investors well ensuring they align with our overall mission. Whilst we were flooded by that initial interest, it did make us think about what WeMoney needs to win in the long term.”
“How do we partner with the best investors which could be a range of different providers, VCs, corporates; it could be a combination of all of them to essentially compound our existing lead and also have investors on board that bring something to the table outside of capital”
WeMoney’s $3 million dollar capital raise is one that was driven by market opportunity and preempted by their current investors. What many people outside of the Perth startup don’t know is that WeMoney is one of the market leaders in aggregating open banking data.
This capital raise will help WeMoney compound this and will be invested in expanding their membership base and into research and development to enhance the customer experience. Currently, WeMoney conducts between 20 and 100 customer interviews every quarter which helps to inform their development roadmap. At the moment, they do two public releases every week based on the feedback they receive through those customer interviews.
