WeMoney

About

WeMoney is an Australian open-banking, CDR-authorised financial-wellness app using behavioural science and AI to help young adults track bills, savings, income, credit scores, and connect via community integrations.

Mission

WeMoney operates in the Australian open banking sector and is focused on capitalising on expansion opportunities. The company aims to improve its position within the Australian Open Banking landscape. It secured USD 3 million in a fundraising round led by existing investors. The announcement references prior financings, including USD 7 million in June 2022 and a USD 2 million seed raise in 2020. The funds are intended to support the company’s expansion and positioning in Australia’s open banking market. WeMoney is a financial-wellness platform and app focused on helping users — particularly Gen Z and Millennials — gain a deeper understanding of their finances and get better loan and mortgage deals. The app was accredited as an Authorised Data Recipient under Australia’s Consumer Data Right, enabling members to connect bank accounts from accredited providers for deeper insights. Since launching in October 2020 the app has amassed over 285,000 downloads, and member numbers and revenue have grown more than 30% month-on-month. The company has formed partnerships with 52 companies, including CoinSpot, OurMoneyMarket and Athena Home Loans. WeMoney entered the New Zealand market in December 2021 and has a longer-term goal to enter other global markets, including North America. Management says new capital will be used to expand the product and significantly invest in streamlining the platform. WeMoney is a financial health and wellbeing platform that helps young working Australians understand and manage their money using behavioural science and AI. The product lets users track bills and recurring payments, understand savings, monitor income and view credit scores to provide a complete picture of financial health. The company emphasizes a community approach that connects users with shared goals to improve money management. WeMoney wrote its first line of code in October 2019 and launched its site in February; user acquisition grew after the initial COVID shock to roughly 200 new users per day. The startup closed an oversubscribed $2M raise during the COVID outbreak to invest in its team and to develop technology, integrations and partnerships. CEO Dan Jovevski previously founded SwitchMyLoan, which was acquired in 2017.

Quick Facts