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Pennyminder is Tenth Online Finance Startup to Launch/Unveil in September

By Jim Bruene on September 24, 2008 6:00 PM | Comments (2)

image What a month for financial tech startups! Partly due to DEMOfall, 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 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 proffered 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 six more newcomers this month:

Note:
1. Includes the seven mentioned here plus three more I've yet to blog about.

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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


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

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