What a month for financial tech startups! Partly due to DEMO, TechCrunch50 and our Finovate, there's been at least 10 online financial service launches or unveilings this month in North America alone (note 1).
That could be the sign of a bubble about to burst, or it could just be a bunch of smart people meeting very real market needs. Only time will tell.
Lucky number 10 is Pennyminder, an online personal finance startup based in Vancouver, BC. I met the founder, Vince Hodges at BarCampBankBC last Saturday (coverage here). Although Pennyminder joins a crowded field, the seventh personal finance manager (list below) to launch this month, it's the first ever based out of Canada. That alone should help it gain some traction.
Vince gave me a beta invite, so I've had a chance to look at it. It's a nice, clean design that allows user entries, statement import and supports an expense sharing/social angle. I don't know if that's enough to compete with the dozens of U.S. and international personal finance sites, many with VCs funding a wider range of features, but it's a good start.
Pennyminder will have to figure out a way to break through the clutter, such as partnering with credit unions and/or banks.
Here are other six other newcomers this month:
- Thrive unveiled here yesterday and launching at Finovate NYC Oct 14
- Rate Surfer unveiled at the TechCrunch50 DemoPit on Sep. 9 and launching at Finovate NYC Oct 14 (our coverage here)
- iThryv from Shryk unveiled on stage at TechCrunch50 on Sep. 8 and covered here that day
- Expensify unveiled at the TechCrunch50 DemoPit on Sep. 8 (our coverage here)
- Rudder unveiled here Aug. 23 and launched at DEMOfall on Sep 8
- GreenSherpa unveiled here July 18 and launched at DEMOfall Sep 8
Note:
1. Includes the seven mentioned here plus three more I've yet to blog about.
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Comments (2)
Jim,
Thanks for the mention and the kind words and of course I would love to work closer with the institutions.
As for the number of startups in this field, it wasn't this crowded when I first started Pennyminder in 2006!
Vince
Posted by Vince Hodges | September 25, 2008 12:45 PM
Posted on September 25, 2008 12:45
Jim,
As usual, great post. A small quibble though - Mioddit.com has been in production usage since July of 2007 and is Canadian based. However, for many of the reasons you mentioned (crowded market, difficult business model), we have switched our sales focus to a B2B model now and are targeting bank and brokerage providers with our artificial intelligence engine.
Regards,
David
Posted by David Kuik | September 29, 2008 7:30 AM
Posted on September 29, 2008 07:30