From Managing Your Expenses to Saving Tax, Money View Helps You Stay Financially Fit

Struggling with your monthly budget? Look no further. Money View is here to keep you sorted about your expenses . Money View is a personal money manager & expense manager app that focuses to make financial management simple, smart and secure; thereby, enabling end-consumers to manage their day-to-day expenses and finances in a better way. This article is all about this interesting startup that is helping millions of users in managing their expenses and living a life of financial discipline.

Money View - Company Highlights

Startup Name Money View
Headquarter Bengaluru
Sector Fintech
Founder Puneet Agarwal & Sanjay Agarwal
Founded 2014
Website www.moneyview.in

What is Money View
All You Need to Know about Money View Personal Loan
Money View - Founders
Money View - Business Model & Revenue Model
Money View - Awards & Recognitions
Money View - Technological Tools
Money View - Funding
Money View - Partners
Money View - Competitors
Money View- Growth

What is Money View

Founded in 2014, Money View is a versatile personal money manager app which offers a snapshot of all your personal finances. It scans texts related to your bank accounts and spending on your mobile phones and gives you a well organised view of your expenses. It’s also has a bill tracker, which ensures that you never miss a payment deadline. Recently they have also moved on to giving personal loans to the users.

According to the co-founders, Money View is an application designed to give you a single view into what’s happening with your money. It tracks all the daily expenses by sifting through the debit/ credit card messages received from the bank on your phone. Thus, letting you know your expenditure on a daily, weekly and monthly basis. Moreover, it tries to understand your spending pattern and reminds you to pay your bills on time. Unlike other apps Money View organizes all the data through SMS’s, without one having to manually segregate them.

The Money View app has three big features.

The first feature gives the consumers a single view of where their money is. It lists out all the financial accounts that one has like bank accounts, credit card accounts, loan accounts, etc. Get a graphical view of your ‘Available to spend’ before you hit your budget.

The second features tell you where your money is going. How you are spending your money? It also auto-categorizes your spendings; it assembles facts like out of 50,000 bucks you have spent so much on food, rent, shopping each.

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The third feature is the app is integrated with tools for users to start making better financial decisions. The first tool is a budget management tool. It enables real-time budget management. You can set up your budget for a particular month and in any given point of time the app will tell you how much more you can spend in the remainder of the month.

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Also the company assures that the Money View app is totally safe. It uses 256-bit data encryption for data management, to keep the customer data safe and secure. Also the app decodes only the transaction related messages on your phone, and not your OTP or other personal information.

All You Need to Know about Money View Personal Loan

Money View Offers personal Loans of upto 5 lakh for a period of 3 to 60 months.  You can simply download the Money View Loan app and apply for Personal loan. You just need to fill in the required details and upload the documents required through the Money View Loan app. After your profile is verified, you receive the NACH (National Automated Clearing House) form and loan agreement on the app. After submitting a signed copy of the NACH mandate, and loan agreement, Money View disburses the amount to your back account normally just within a few hours.

Eligibility criteria for receiving Money View Loans are-

  • Your age should be between 21-57 years
  • Your salary should come by bank transfer
  • Income criteria varies based on whether an applicant is salaried or self employed, applicant's CIBIL score ( minimum 300 required) , credit history and applicant's location.  

Documents required for taking Money View Loans

  • ID proof ( Aadhar card or PAN card)
  • Address Proof
  • Bank Statement of Salary Account
  • Income Tax Return Verification Form for the last 2 years, in case of self employed persons

The best part about Money View Loans is that the entire process from documentation to verification is paperless and digital.

Money View Loan's interest rates vary from 16% pa to 24% pa. EMI payment can be done manually through the app or one can also opt for the auto-debit option. Besides, users can go for foreclosure of Money View Loans anytime after payment of 3 EMIs

Money View - Founders

Moneyview founders- Puneet Agarwal and Sanjay Aggarwal

MoneyView was founded in 2014 by two IIT-Delhi graduates Puneet Agarwal and Sanjay Agarwal.

Puneet Agarwal graduated from IIT-Delhi in 1995 and moved to the US to complete his MBA from Purdue University. He was there for the next 17 years, working at different companies including McKinsey, Capital One and Google, where he was a product management director.

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MoneyView co-founder Sanjay Agarwal has a vast tech experience of working with companies like Appian Communications Inc, Ciena Corporation and Yahoo!.In 2006, Sanjay co-founded Minglebox, which is a leading education portal today. However, Sanjay exited Minglebox in 2013.

Puneet returned to India in 2013. He moved to Bengaluru, to gauge the start-up scene and start something of his own. While looking for a place to stay in the city, he reunited with his IIT senior, Sanjay. It was the same time when Sanjay was exiting his venture, Minglebox. Thus the duo came together to start the new venture - MoneyView.

Money View - Business Model & Revenue Model

With MoneyView, Sanjay and Puneet are focusing on establishing a trusted brand in the personal finance management application segment. They are also looking at moving from just notifying users of their savings, to notifying them about potential investments that can be made.

“Our aim is to help our users stay on top of their finances with zero effort. With our focus continuously on adding features and offerings that help our users stay financially fit. For instance, one of the things the app helps the user with is to start saving more by managing his expenditure. The users will soon be able to find smart ways to invest their savings from within the app,”  quotes MoneyView co-founders Sanajy and Puneet Agarwal.

Since Money View is a free application, the company does not have a fixed revenue model. It follows month-on-month metrics, and as claimed by the founders in a 2015 interview, the company was growing at almost 100 percent.

In 2016, MoneyView tied up with ICICI Prudential Mutual Fund and launched Green Account, a feature that lets the users of MoneyView App, invest through the app. MoneyView earns commission on every investment made through the app.

Money View - Awards & Recognitions

Money View was ranked Best App 2015 – Google India and was the Runner-up in IBM start-up challenge.

Money View - Technological Tools

Technology is the backbone and the key facilitator in the app’s offerings. Money View makes use of sophisticated natural language processing and information retrieval techniques to create intelligent norms. These are then utilized by the app to produce a very accurate picture of the users’ financial data in a way that they can simply and effortlessly understand. Therefore, it uses their patent technology that systematizes the data from these messages to deliver a simple and smooth view of the users’ finances through the app.

Money View - Funding

Money View has raised a total funding worth $10.1 million till date.

In October 2014, Money View raised $1.7  million funding from Accel.

In April 2015, Money View raised funding of almost USD 8.5 million from Tiger Global, Accel India, and Ribbit Capital. The team plans to use this funding to work on the next generation of the product.

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Date Stage Amount Investors
October 2014 Venture Round $1.7 Million Accel
April 2015 Venture Round $8.5 Million Tiger Global, Accel India, Ribbit Capital

Money View is also looking at investing a part of this funding in consumer acquisition activities, building the brand. Moreover, looking at expanding their team size while looking at hiring, the co-founders aim to double their technical team strength by the end of this year. Starting off with just the two of them, currently, they are an active functioning team of 55 odd-individuals. Their primary spending remains to be on the technology they’re using to power the product.

Money View - Partners

Money View has partnered with ICICI Prudential Mutual Fund to launch an app-based solution – the Green Account platform.

Through the Green platform, it will offer two exclusive products—Savings+ and Tax Saver+—allowing users to take a step ahead towards financial fitness by saving money and to grow it faster.

Savings+ is designed as a suitable alternative to traditional saving options. It allows users to park them in Liquid Funds offered by ICICI Prudential Mutual Fund. Meanwhile, the Tax Saver+, the second product offered through this partnership, helps users save on their tax by investing in Equity Linked Savings Scheme (ELSS) option provided by ICICI Prudential Mutual Fund.

Money View has tied up with more than 3 banks as lending partners.

Money View is also inviting individuals to join them as loan partners. Interested individuals can visit the Money View website, register as a loan partner and start earning by referring anyone who is looking for a personal loan.

Money View - Competitors

As far as the financial management space is concerned, Money View is not the only personal assistant available. There are others such as 'Walnut' to track expenses, get bank balances, and split bills with friends; Times Internet-backed money management app, 'Smartspends'; expense manager 'Gullak', which claims to have registered over 1 Mn downloads; and Aditya Birla’s 'MyUniverse'.

In the coming months, it will be interesting to see how this company will bring the necessary differentiation to rise above its competition and generate a value proposition in the minds of their customers.

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Money View - Growth

Currently Money View has a user base of over 10 million. Money View employs 55 people and the app currently has customers across 400 Indian cities. Besides, Money View loan has also got positive reviews from customers. Money View Loan app is rated 4.2 in Google Play Store.

With the steady rise in the number of Indians opting for digital payments, Sanjay and Puneet are planning to take Money View to new heights.

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About Chayanika Goswami

  • Assam
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