Money management tools for life's adventures and everything in between

PocketSmith

NZ

Use case

PFM

Solution

Account Information, Data Enrichment

PocketSmith is a smart budgeting and personal finance software for all walks of life. Originally created in New Zealand back in 2008, PocketSmith's founders had a simple idea – to create a helpful calendar that could assist people in planning their upcoming income and expenses. Since then, PocketSmith became the top pick for the household CFO, offering features ranging from advanced data visualisation to tailored reporting, transaction categorisation and adaptable budgeting tools for individuals in over 190 countries around the world.

The company caters to a worldwide B2C market. The core of their user base consists of Household CFOs–individuals who, either out of passion or duty, manage the financial affairs of their households. Their users are diverse and can be divided into three groups based on their financial management needs: budget organisers, net worth nurturers, and digital nomads. The first are detail-oriented individuals passionate about the nitty-gritty of their daily finances. The second group are the wealth-builders, keen on generating multiple income streams. While the last group represents individuals who've broken the shackles of a fixed workplace, juggling assets and accounts across borders.

PocketSmith is a powerful financial management tool that helps customers to confidently take control of their finances. It offers a comprehensive overview of all financial activities, including reports on earnings and expenditures over a specific period, user-friendly dashboards that highlight assets and liabilities, such as properties, vehicles, mortgages, and loans, as well as cashflow statements that display past and future financial activities on a monthly basis. This is all made possible through open banking technology, which automatically pulls and aggregates data from all personal accounts and inserts it directly into the app. PocketSmith users can securely access data from any account by connecting to the chosen institution through Salt Edge's Account Information API, which gathers information from over 5,000 financial institutions in more than 50 countries. The fetched transactional data is normalised, unified, and categorised via Salt Edge's innovative Transaction Categorisation engine based on self-learning machine algorithms.