Finding inspiration in companies of the likes of Mint, Personal Capital, and Yodlee, the platform also has a focus on investment. As per information provided in the announcement, Strabo officials describe the platform as ‘Notion meets Google Analytics’ for personal finance, having the goal to provide a deeper level of investment and asset analysis, regarding both previous spending and forecasting to custom goals and retirement.
As detailed by OpenPR, Strabo has gained traction with the expat community in London, and the FIRE movement (Financial Independence, Retire Early), which saw an increase in popularity throughout the course of the COVID-19 pandemic.
The startup works through the linkage of multiple accounts from a multitude of countries in one place, by making use of Open Banking APIs, with a waitlist of several thousand users set to be moved to the full version of the platform, which is now available, as advised in the announcement.
By leveraging Open Banking APIs for the connection of users’ accounts into one dashboard, the company aims to enable customers to track all the money that they own and owe and get an instant holistic outlook on their net worth.
Strabo’s offering includes live bank feeds, credit cards, mortgages, and loans, in addition to a way to track and forecast investments, pensions, debts, and taxes, having as its target the expat market. As detailed in the press release, these feed into custom tagging for accounts, editable goals, and forecasting toward retirement.
A personal finance software is an advanced solution designed for the integration, interpretation, and segregation of information related to users’ financial data and involves budgeting, banking, insurance, mortgages, investments, retirement, and tax and estate plans.
Furthermore, these programmes help in organising the budget, accounting finances, and making financial decisions to meet long-term financial goals. Additionally, personal finance software helps assist users in tracking transactions, managing bank records, tracing investments, and preventing interest on late payment by offering scheduled reminders for bills and deposits.
As of 2021, the global personal finance software market has reached a value of USD 1.14 billion and is expected to reach USD 1.58 billion by 2027, with a CAGR of 5.59% between 2021-2027. Data provided by Research and Markets suggests that this market growth its propelled by a rising need amongst businesses to cope with financial challenges following the COVID-19 pandemic. Furthermore, the positive outlook for the market is also based in an escalation in launch and uptake of personal finance applications by banks, financial services, and insurance (BFSI) institutions to provide improved customer assistance and offers.
In the UK alone, the financial management market size by revenue was valued at USD 5.7 billion in 2023, with the growth rate of the industry expected to reach 0.2% in 2023. IBS World reported that between 2018-202 the size of the financial management market in the region had declined an average of 1.2% on a yearly basis.
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