Edinburgh-based fintech Money Dashboard is celebrating a major milestone as the number of bank accounts connected to its app surpassed the one million mark.
The personal budgeting app exceeded the landmark figure, with its 450,000 users creating a combined total of more than one million linked accounts.
The capital fintech attributed a “significant boost” in user numbers this year to the introduction of open banking, a secure way for customers to give providers access to their financial information, in January.
Money Dashboard aims to help customers manage their finances, establish savings goals and reduce spending through the use of its app.
Since its creation in 2010, the app has analysed more than 366 million transactions, totalling more than £33 billion in value of transactions from connected online current accounts, savings accounts and credit cards.
Steve Tigar, Money Dashboard’s chief executive, said the app’s apparent popularity is a sign that the consumer personal finance habits are changing for the better. He said: “People want more from their bank now than ever before, and open banking is driving that change.
“We are entering an era where people want to do more than simply arrange payments and withdrawals, they want to manage their budgets, save up for important life events and stay out of the debt trap.
“Surpassing one million connected accounts is a tremendous achievement for Money Dashboard and testament to how useful our users feel our app is, but we are determined to keep adding functionality so we can help even more people get on top of their finances.”
Founded by fintech entrepreneur Gavin Littlejohn, also chair of the fintech industry body The Financial Data and Technology Association, Money Dashboard is one of a string of Scottish businesses aiming to disrupt traditional models in the consumer finance sectors.
It recently announced an integration of its services with digital challenger banks Monzo and Starling.
Based in Edinburgh’s CodeBase, the UK’s largest technology incubator, Money Dashboard successfully raised more than £1 million investment last year through crowdfunding platform Crowdcube.
The news of Money Dashboard’s connected accounts milestone comes days after the announcement of a new £661m venture to drive growth in data-heavy sectors, such as fintech.
The Data-Driven Innovation initiative, funded by the Edinburgh City Deal, plans to train 100,000 people in the necessary digital skills and invest in a data analysis facility to help firms innovate.
It aims to help up to 1,000 organisations with their data needs and ambitions.