Emma, the U.K. money management app (now calling itself your “best financial friend”), has launched in the United States and Canada — and is now one of a plethora of London fintechs venturing states-side.
Competing banking app Cleo entered the U.S. nine months ago, and challenger bank Monzo is thought to be gearing up to launch across the pond soon, to name just two.
Emma says the U.S. launch comes after partnering with Plaid, the U.S.-based fintech that specialises in bank account aggregation. The London startup says that with its U.S. launch, 350 million people will now be able to have access to Emma’s money management features.
Described as your “financial friend,” the Emma app connects to your bank accounts (and crypto wallets) to help you budget, track spending and save money. It aims to help you understand things like how much money you have left to spend until your next payday, track and find wasteful subscriptions, and preemptively avoid going into your bank’s overdraft.
The PFM-styled app was launched in the U.K. in January 2018 and claims more than 100,000 downloads in just a year “without any marketing spend”. Furthermore, the company says users open the app five times a week, twice a day, and are using it as a “true alternative” to their traditional banking app.