Erno Tauriainen, founder of SPENT app discusses how SPENT is incorporating the latest in fintech mobile technology.
How does the SPENT app help consumers?
SPENT enables users to access all of their purchase data across all bank accounts and cards and gives tools for user to allocate spending as business expense or personal spending. SPENT automatically categorizes all spending to e.g. “meals” or “travel” etc. and gives full visible analytics to see where money goes. SPENT also makes business expense reporting obsolete with it’s cloud-base folder concept and reimburses user automatically.
How has the card-linking aspect of SPENT been received by users?
So far $35M dollars of spending has gone through SPENT and increasing number of users are linking their card to the app to get cashback on expenses and the spending they do. On average we see over $500 spending being influenced by cash back offers per user monthly and average cashback is 5%.
What are some new features in the pipeline for SPENT?
In November we added over 4,000 new online merchants where users can get cash back. Near future features include mobile payments, chat between user and manager (who approves expenses from folders). A major update will be the SPENT community – users can see where other users spend money and earn cashback, share comments and do B2B networking with like-minded people.
How does your background influence the development of Spent?
I spent my career until 2008 in retail and building several loyalty concepts.