Photo - Untangle Money
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Untangle Money

Help women understand their Now Money and their Future Money

Canada, Toronto
Market: Financial services
Stage of the project: Idea or something is already done

Date of last change: 06.07.2020
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Idea

Women's financial lives are fundamentally different than men's. A woman's income is more likely to fluctuate. She is more likely to take sabbaticals for maternity leave, switch to part time work, and get paid less for the work she does than a man will. The problem is that most of the solutions in the financial services market today assume that her life will follow a man's trajectory, but it doesn't, and for most women current financial products don’t work.

We have created a by-women, for-women financial planning and education platform that acts like a money coach in your pocket.

Current Status

We have 44 people signed up for our beta trail. Currently we are walking users individually through a concierge MVP, to test features and to understand our customers better.

Our alpha version is set to launch a the end of July, with a beta set for October.

Market

Our target market consists of the 13.4 million women in Canada who make less than $100,000 annually. Since only about 50% of women claim to be confident with investing and their finances, we will focus on the 6.7 million women who can be considered “financial novices”. Our market opportunity capitalizes on the fact that quality financial advice for the “mass market” is difficult to find. Advisors, planners, banks, and wealth management companies tend to focus on clients with investable assets of >$250,000. Our product makes quality financial advice available to all Canadians, at scale.

We are targeting women who are novices in finances, who have recently graduated from a post-secondary institution and are starting their first job. They are wondering how best to utilize their financial resources, and are not attracted to the branch offering available from the big 5 banks. There are 2.2 million customers in this demographic in Canada alone.

Problem or Opportunity

Women's financial lives are fundamentally different than men's. A woman's income is more likely to fluctuate. She is more likely to take sabbaticals for maternity leave, switch to part time work, and get paid less for the work she does than a man will. The problem is that most of the solutions in the financial services market today assume that her life will follow a man's trajectory, but it doesn't, and for most women current financial products don’t work.

Solution (product or service)

We have created a by-women, for-women financial planning and education platform that acts like a money coach in your pocket, providing customized, actionable financial plans and scenario-planning tools for each customer’s unique circumstances. We will support women in managing their personal finances by creating dynamic, interactive visualizations, and providing financial masterclasses to improve their core financial literacy.

Competitors

Our product bridges the gap between what exists in the market today - on one side there are financial planners who provide personalized service, but they are expensive and can be inaccessible. On the other hand, there is generic content from money coaches, and blogs and budgeting tools/apps, which are low cost but impersonal, and require the user to do the work themselves with a large time investment.

Our market opportunity capitalizes on the fact that quality financial advice for the “mass market” is difficult to find. Advisors, planners, banks, and wealth management companies tend to focus on clients with investable assets of >$250,000. Our product makes quality financial advice available to all Canadians, at scale.

Advantages or differentiators

Our three main differentiators are:

1. Tailored advice, advice that is specific to you and your situation.
2. Interactive visualizations, we describe your financial situation using pictures instead of pages full of numbers.
3. Money Masterclasses, we teach you more about money in digestible, and accessible language.

Finance

We are charging a $90 up front fee for our product, with a $9 subscription which will allow users access to their dashboard, quarterly check-ins and money masterclasses.

Business model

We intend to grow organically through like minded organizations who want to propel women forward and close the money gap. We will also invest in social media advertising to raise awareness among our target demographic.

Money will be spent on

Primarily development of scalable app. Some will be spent on UX/UI design, and some on marketing.

Team or Management

Incubation/Acceleration programs accomplishment

Founder Institute Waterloo - Spring 2020 cohort

Won the competition and other awards

Won Audience Choice at Founder Institute Waterloo.
Won Top Pitch at Volition
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Idea
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Finance
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