Honeydue is a income government app for couples


Honeydue is a mobile app that aims to revoke money-related arguments between couples by charity collection to share information on particular criticism balances and spending.

The app also lets couples stay on top of income matters in other ways, such as being means to criticism on particular exchange and conduct check reminders together — so they can, in the difference of co-founder Eugene Park, “be on the same page” about money.

“My co-founder, Thien Tran, and we are flattering ardent about personal financial and assisting others rise better financial habits and literacy,” Park tells TechCrunch, explaining how the suspicion for the app came about.

“When we started this devise both [of us] were vital with the partners and arguing, from time to time, with the partners about money. And it arrange of hit us — with all of these simple collection that are out, there if couples like us can’t get on the same page with income then these collection really don’t matter.”

The aim user is typically in the Millennial age-range — with Park observant there are some 32M Millennials now vital with a partner. “We trust all of them should be co-managing their income together and positively co-developing their financial education habits together,” he says.

The founders surveyed 600 couples to help spec out the app’s underline set, and the investigate threw up a few surprises — such as how much direct there was for a check sign facility. Sixty per cent of users who sign up to use the app now create at slightest one check sign during the onboarding process, according to Park.

“We were shocked,” he says of this ardour for check reminders. “We thought, maybe it’s since we live in this Bay Area burble where everything’s being auto-paid, but because do people wish check reminders?

“[W]e took a low dive into it and we consider the criticism that’s rising is… 75 per cent of Americans generally are vital paycheck to paycheck. And are having to make a very formidable decision of which check to pay. And for that reason that’s because they’re not autopaying it.”

“The top 4 banks in this country are charging $6.4BN in bank fees — possibly they’re late fees or overdraft fees — and so we have to imagine, we don’t any information to infer this, that that income is coming from some of the many exposed collection of the culture,” he continues.

“And so these folks, they’re very supportive to two things: one is the tangible timing of when to compensate their bills. And two, their criticism balances so that they don’t go under certain minimums that outcome in monthly fees.”

The group also found the many used existent focus for couples to conduct their finances together is spreadsheets — hence espionage an event to build something better.

“If financial education is bad in this country, spreadsheet education is almost as bad,” says Park. “18 per cent of couples that we surveyed are using spreadsheets. And it was 3x over any other app or service. And so we’re environment out to build a better choice to these spreadsheets that couples are co-managing.”

“If zero else we’re automatically updating your balances and activity, since a spreadsheet can’t do that,” he adds.

A pivotal attrition indicate the app aims to residence is to capacitate users to select how much information they share.

“One of the perplexity points that we saw in a lot of the couples was that they didn’t required wish to disagree about the little things,” he explains. “Did you take Uber vs Lyft, The series one evidence we review in a study was over whimsical purchases. So a lot of couples pronounced that they wish to idea set and devise but they don’t indispensably wish to disagree about did they make whimsical purchases. So one of the facilities we concede you to is we concede you to lane your criticism balances but select what you wish to share.

“So you can select which accounts you wish to share, you can select possibly you just wish to share the change only. Or possibly you also wish to share activity and exchange as well.”

“We looked at… existent collection like Mint.com and others, and they are generally not collaborative in nature,” he adds. “One of the attrition points for a lot of couples is selecting what they wish to share with any other. Choosing how much of their finances that they wish to nominee vs combine on.”

The Honeydue app soothing launched on iOS in late Jan and Android in March. They have around 20,000 purebred users at this point. The app is now US-only.

“We askance female, we trust it’s 60 per cent. Which creates us comparatively singular relations to other personal financial apps,” he adds.

“What’s engaging is from a generational viewpoint and a behavioral viewpoint we’re seeing that Millennials are some-more likely to co-manage their finances together as against to my relatives generation, my era (X).

“So we did a consult of 600 couples and 75% reported that they co-manage some to all of their finances together so that is generally the aim market: People that are committed to pity financial shortcoming as good as financial education with any other.”

Users are typically using the app to bond and share their bank criticism balances — which is what the group considers “our core use-case and the core pitch/value proposition” — although, interestingly, couples still select not to share information on a apportionment of their accounts.

“What’s engaging is that approximately 60 per cent of accounts are shared at some turn but 40 per cent are not,” records Park. “And so couples that are signing up for the app are sportive that remoteness and autonomy.”

Another “interesting use-case” that’s emerged for the app is a underline called “what’s that charge?” — which lets users query any other about particular transactions.

“What we were seeing is that a lot of couples, before we built this app, they were looking at their bank statements and whenever they saw a transaction that they didn’t commend they would screenshot it in a mobile app and then they would MMS it to their partners and ask do you commend this charge? And that loop was regular, was frequently regularly and we just suspicion that was so silly, so we done it easier for partners to brand these exchange and share them or ask their partner what’s that charge?

“So we combined a criticism territory under any transaction as good as an emoticon button. So you can dwindle transactions, you can demonstrate startle to a transaction with your partner or thumbs up support. We’re seeing a good series of couples that are using that on a unchanging basis, so that’s another common use-case.”

Another underline that’s proof renouned aims to help couples who are trying to bill together — by permitting them to see their spending autonomically categorized.

Bill bursting (or “sharing” in the app’s language) is also supported, nonetheless Park says this incited out to be reduction renouned than the founders suspicion it would be, with only around 5 per cent os users making use of it.

There’s no local remuneration trickery within the app itself possibly — if couples need to settle an IOY between any other Honeydue links out to PayPal or Venmo to do the tangible moving of money.

“Once you’re getting into the business of assisting people pierce income then we display ourselves to another turn of scrutiny,” adds Park.

Currently, the app supports integrating with around 9,000 of the biggest banks in the US, around its information provider — which he describes as “pretty extended coverage of the many renouned banks”.

“Like other personal financial collection we go by one of 3 major financial information providers. Generally the way it works is when you enter your credentials, it’s certified with the bank and they yield us with a token and we store that token and with that token we can’t do anything other than demeanour up your change and your transactions. and keep them up to date.“

In terms of business model, the app is free to use — which does of march bring up the doubt of how they intend to monetize the prominence they’re gaining into users’ bank accounts and spending habits.

And while Park couches the remoteness policy and terms of service as “pretty restrictive” — saying, “in generally we’re not allowed to sell your information to anyone, identical to Mint.com and Credit Karma” — the contingent devise is to “offer the users offers”, so they will be using income and transaction/spending information to support tradition selling of other financial services, down the line, holding a cut of any services sales as their commission.

“Essentially we wish to help beam the users to better financial products and services that we consider will save them money, and we will use your information to help tailor some of these offers to you, but compromising your temperament to third parties,” he says, adding: “It’s not at the top of the roadmap but in some indicate in sequence to keep it free we’ll start contrast that.”

The Y Combinator corroborated startup is graduating in the accelerator’s summer 2017 cohort, and will be looking to lift seed appropriation shortly after demo day.

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Posted by on Aug 12 2017. Filed under Social. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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