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For Immediate Release
Tuesday, 5 January 2016
MOBILE APP SETS NEW PRECEDENT FOR MANAGING PERSONAL FINANCE
- AUTOMATICALLY FORECASTS BILLS AND SETS SPENDING LIMITS -
Pariti has launched a mobile app to help millions of Britons struggling with personal debt, lack of savings
and volatile incomes to improve their financial resilience.
The free app takes a completely fresh look at the way people will manage their finances in the future. It
securely connects to a user’s bank accounts and credit cards to provide a simplified view of their
financial health. It automatically detects and forecasts upcoming income and bills and calculates a
manageable weekly spending target.
In cash positive weeks, users are incentivised to save money to build up their financial security while in
more difficult weeks, where outgoings are forecast to exceed incomings, they are motivated to make
With clever algorithms constantly looking ahead to forecast a person’s financial position and updating
with every transaction, the app is able to proactively nudge users to remain on track.
Watch the demo video: Pariti Demo Video
The app will particularly benefit first jobbers and those on lower incomes as they are often the most
financially vulnerable. Research¹ by Pariti found that four out of five young people, aged 18 to 24 years,
are not able to save any money from their pay packets and may be forced to rely on credit cards and
expensive loans to cover emergency expenditures.
Matt Ford, Pariti’s Founder and CEO said: “Many people, particularly those just starting out or on low
incomes, are financially very fragile. They may be only a few pounds or days away from getting into debt
each month. They either ignore the problem, hoping it will disappear, or take out a high interest loan
which compounds the issue.
“By providing a clear and simple picture of their financial status and helping people feel like they’re in
control, Pariti users can make more informed choices today and see how that decision will affect their
position in the future.”
Every deposit, expenditure and regular monthly payment is fed into the algorithm to deliver a clear view
of a person’s financial health now and at the end of the month. Users no longer have to guess whether
their cash will last until payday.
The app can detect looming financial shortfalls, giving people the opportunity to take immediate
preventative steps to minimise the risk of getting into debt.
Pariti is awaiting regulatory approval from the Financial Conduct Authority. It will then offer responsible
saving and credit products from trusted partners. The products would be carefully matched to individual
users to ensure they are affordable and manageable financial solutions.
In addition, Pariti plans to offer an application programme interface (API) to trusted third parties to be
integrated into their own websites. This will enable users to securely share their financial profile with a
provider when sourcing appropriate financial products.
Matt added: “We can eventually deliver completely new types of finance products, which are fairer, lower
cost and genuinely suitable for people rather than being wedded to one bank or baffled by the complexity
of products on the market.”
Backed by world-class investors, including Index Ventures and JamJar Investments, Pariti employs
multi-level security to keep users’ financial data safe. It uses the same advanced SSL encryption and
industry-standard security practices as the world's leading banks, verified by Internet security experts
Comodo, while trusted data partner Yodlee aggregates the real-time financial data without the
requirement for Pariti to store sensitive credentials and login details.
The app can be downloaded for free from the iTunes App Store. An Android version will be launched in
the first half of 2016.
NOTE TO EDITORS
¹ Source: Pariti anonymised aggregated data from 1,600 18 to 24 year olds.
The company was founded by CEO Matthew Ford in August 2014 and is located in London. The service
has been in Beta since January 2015 and launched publicly in January 2016.
App Store download link: https://itunes.apple.com/gb/app/pariti/id945284804?mt=8
Visit website: www.pariti.com
For media enquiries and interview opportunities:
Tel: 0207 097 1584
For downloadable resources including screenshots, photography, fact sheet please visit:
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