A new mobile app created to help Britons with their finances has been launched.
It’s targeted at those who struggle with personal debt, a lack of savings and volatile incomes. It sets out to improve their financial resilience.
Perhaps it’s no mistake that it’s launched after the excesses of Christmas!
Called Pariti, it’s backed by Index Ventures and JamJar Investments.
Founder and CEO Matt Ford said: “Many people, particularly those just starting out or on low incomes, are financially very fragile. They may be only a few pounds or days away from getting into debt each month. They either ignore the problem, hoping it will disappear, or take out a high interest loan which compounds the issue.
“By providing a clear and simple picture of their financial status and helping people feel like they’re in control, Pariti users can make more informed choices today and see how that decision will affect their position in the future.
“We can eventually deliver completely new types of finance products, which are fairer, lower cost and genuinely suitable for people rather than being wedded to one bank or baffled by the complexity of products on the market.”
The company says it has taken a completely fresh look at the way people manage their finances. It claims to securely connect to a user’s bank accounts and credit cards to provide a simplified view of their financial health. What’s more, it automatically detects and forecasts upcoming income and bills and calculates a manageable weekly spending target.
The company is awaiting regulatory approval from the FCA.