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Salesforce leads funding round in personal finance app

23/10/2015 by

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It has been reported that Salesforce has led a funding round to invest in Moneytree, a Japanese personal finance app. It was not revealed how much the customer relationship management (CRM) software provider invested, but it is known that it was joined in the series A funding round by other organisations including Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank and Sumitomo Mitsui Banking Corporation.

Over the past few months Salesforce has invested heavily in some newer startups and innovative businesses, adding to its run of acquisitions in the past year. The latest investment is to support a Japanese personal finance app capable not only of managing people’s transactions but also sharing data. The iPhone software can be set up to link to people’s credit cards and bank accounts; as a result, users can track their money and spending in real-time, carefully watching both inbound and outbound transactions. When notifications are enabled, individuals will be advised about any large transactions, soon-to-expire miles and loyalty points, and low balances. Upcoming bills will also be identified and flagged up so that users do not get any unexpected and unpleasant surprises.

Moneytree currently processes data for each person using machine-learning algorithms. The app is then able to sort transactions based on their type and period. There is also manual functionality, with users able to input their own expenses to help to track monthly outgoings. A variety of in-app purchases are also available, with Moneytree Plus offering premium features and Moneytree Pro designed for corporate accounts. 

Moneytree is the brainchild of Paul Chapman, an Australian entrepreneur, and his two co-founders Ross Sharrott and Mark Makdad, both of whom he met whilst working for Tokyo-based professional services company enWorld. Mr Chapman is a finance, banking and business graduate who started cvMail, a recruitment platform. In 2007 he sold the company to Thomson Reuters.

To date Moneytree has had more than 820,000 downloads, although the firm declined to disclose how many of these are actively used accounts. The funds raised from Salesforce and the Japanese banks will be used to increase the app’s user base. The investment will also fuel partner growth for the company’s newest product, MT LINK. This API can be used by Moneytree users to share their financial history with partner companies; for example, individuals could import information into Yayoi’s tax software or data could be pulled across into Receipi, a household budget-tracking application.

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Montash is headquartered in Old Street, London, in the heart of the technology hub. Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid management in permanent and contract roles.

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