With the advancement in technology, there are many applications that make investing and transfers as simple as a few swipes on your smartphone. These applications are meant to resolve several challenges that are faced by users on a daily basis when it comes to managing their money.
Dutch fintech startup Flow resolves these challenges and offers something that you wish your bank can do. With its smart rules, you can save your taxes, transfer pocket money to your kids and start saving. The Flow app lets freelancers and consumers automate their bank accounts.
Bags €600k funding
Founded by Daan van Klinken, Danny Wilson, and Neils Mulder in 2018, Flow has bagged €600k funding and adviser Robert Kraal (the former COO of Adyen) helps to find investors. Runtime Ventures, where Mulder and Van Klinken worked for years, and others were involved in the round. This funding comes at the right time when Flow has to take the final step of the product. Initially, it is aimed at the self-employed people who do not have employees.
To take the final step, Flow needs a PSD2 permit. De Nederlandsche Bank will issue the permit to parties that can use the same to manage bank money flow from customers after thorough investigation. The application to request for the permit is expensive and time-consuming. Co-founder of Flow, Mulder said, “We do this together with Enigma, specialist in this area. That party is one of the investors in our company.”
Changes personal finance
With Flow, there is no need to manually save and spend your money. Well, this fintech startup changes the personal finance aspect by bringing automated saving and spending options. The Flow app lets you set up Smart Money Flows on your salary day, for every incoming client payment, transfer to your personal account, etc. Eventually, freelancers can get financial independence with Flow.
Initially, the Flow app focuses on freelancers but many will follow suit. “Freelancers are the first group that Flow focuses on. But that’s just the beginning. We can help students this way, we also think of people in debt counselling. But also to all consumers, who transfer money to the shopping account or a savings account on a monthly basis. Our technology knows, for example, that if you spend a little less on groceries a month, there will be less money in that account the following month, added Mulder.
Flow app coming in 2020
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