Clarity Money, the brainchild of venture capitalist Adam Dell, is a new personal finance app (get ready to see even more of them in 2017) that uses AI and data science to save users money by finding better-priced energy bills, cancelling subscriptions and provide tailored suggestions on things such as credit cards.
The company said that in its beta-testing, app users saved on average $300 a year by seeing their wasteful habits. What’s interesting about Clarity Money is its design to the the one stop for all personal finance needs. A lot of personal finance apps identify payment habits, areas of large spending etc, but don’t have the capability to offer users the option of doing anything about that. Clarity Money says its service will identify things such as recurring payments and subscriptions and give the user the option of cancelling them directly from the Clarity app.
The same complete in-app experience is extended towards bills. The app finds better deals and allows users to renegotiate their bills within the app. It also tracks user behaviour and can provide tailored suggestions on things like credit cards.
“We feel a great responsibility launching Clarity Money today in the App Store. Consumers have rightfully grown to distrust financial institutions and need a champion for their money. We’re committed to leveling the playing field and creating a better financial future for users,” said Adam Dell, Founder and CEO of Clarity Money.
Its advisory board includes finance luminaries such as Niall Ferguson and Dan Ariely. The former said:
“I have high conviction that the transformation of financial services by technology will have a bigger aggregate impact on the world than the transformation of transportation. Clarity Money painlessly educates everyone who uses it about managing their own finances. What better thing to automate than the teaching of financial literacy?”
The app is only available for customers with US bank accounts but it said it has plans for international expansion.
A further £2.5m is expected to be raised from crowdfunding on Tuesday.
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