Hi, I'm founder of Money Lover app. It's a money management app like yours.
I've tried your app, and I was so excited to see that your product was "inspired" by Money Lover.
However, I realized you are copying our designs & name of categories and I don't like it.
In the short term, it's okay for a start up. But I think it's not good for business in long term.
P/s: Food & Drinks is the old name, now we change the category name to Food & Beverage
Thank you.
I think the only way to build something useful in this space is with SMS and/or wait two years once payments regulations change.
The holy grail of expense tracking is being able to derive itemized data from purchases. Today, no-one does this. SMS is the best medium for it at scale b/c then it costs about $.003 per a text.
The Fed, Visa, everyone is committed to move from ISO8583 to ISO20022 an XML format that has tags to include remittance information. It is already adopted for international wires.
This means itemized transactions for everyone. In a world of itemized digital transactions accountants become somewhat anachronistic and lower in cost. This app is cool, but it's off the mark in form factor.
@varund14 Then do SMS tracking. But please don't make another receipt-you-have-to-download-an-app and take a photo app.
I monitor 4500 ios Apps a day with my other product growamp.com . Receipt tracking/expense tracking is a commodotized space.
@datarade We are doing exactly that. We read data points from the SMS and help users with their expenses. Currently it works only in India on android. We don't need users to upload receipts. Do try out the app.
@varund14 You are not. You are forcing people into an app.
You've not done your research on this space. It's a simple view layer over the PLAID api.
This app will die unless you figure out someway to create deep itemization. MINT does this retroactively and fails for accounting purposes.
As well, there has to be levers/rules based on the batched amount of a transaction. Tracking purchases that are $10 or less is not as relevant.
I think this app will die the same death of other receipt apps or go on living into the sea of apps that do the exact same thing.
One of the best expense tracking apps which makes sure I restrict my spends with their budget feature. Haven't used the coupons but it makes sense given that it will eventually helps me in saving cash.
Please add automatic bill reminders as a feature and also recurring bill tracker - will help understand how much more or less you paid this month. Simple yet effective, good job guys 👍.
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Juno
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