Home » Free personal finance app launches helping those struggling with rising debt

Free personal finance app launches helping those struggling with rising debt

by LLT FINANCE REPORTER
7th Jun 21 12:19 pm

A new, free personal finance platform aims to provide easier and faster access to financial products for UK consumers, including the growing number of people deemed to be living with low financial resilience.

Ooki is a new app which allows users to manage their finances in a quick and effortless manner. Designed to radically improve the consumer experience, it combines credit profiling and open banking with users able to access all their accounts in one place. Ooki also provides consumers with personalised money insights, real-time credit monitoring and targeted offers for relevant products, increasing accessibility to beneficial personal finance services.

Damon Hirschl, the fintech entrepreneur behind the innovative and disruptive technology, believes Ooki will play a key role in supporting millions of UK consumers who are facing rising debt with little or no savings.

Earlier this year, the Financial Conduct Authority (FCA) reported a sharp rise in people with low financial resilience – meaning over-indebtedness with low levels of savings or low or erratic earnings – since the Covid outbreak. The FCA said this figure has risen from 10.2m to 14.2m over the course of 2020 as the global pandemic took hold with 25% of the UK (more than 13m people) expecting to struggle to make ends meet.

The company has signed up nearly 15,000 users to date and is forecasting to have more than 100,000 using the platform by the end of the year. Targeting a range of competitors including price comparison platforms, and insurance and credit brokers, Ooki has identified a UK marketplace worth £11.5bn per year. This includes more than 17m Millennials and 8m consumers with adverse credit ratings.

Hirschl, founder and CEO of Ooki, said: “Instead of the Covid crisis serving as a catalyst for positive change, the financial services industry has failed to help consumers resolve banking and credit inconveniences or ensure they are able to make the most of their money during a time of significant hardship.

“Ooki is a game-changer as it offers a new and modern money management solution which can support consumers, including those with low financial resilience, by incorporating personal finance tools and insights within a single app. The security-focused technology of our platform delivers an impartial and transparent experience for all users, providing them with financial products that enable them to save money by accessing fairer deals.”

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