When Microsoft entered the U.S. digital personal finance sector recently with its Money in Excel product, the gloves were off, so to speak, with more major players pushing into a space that’s been pretty much pioneered by startups, FinTechs and neo-banks.
So it continues to be as we learn from the latest Provider Ranking of Personal Finance Apps.
The Top 5
Steadiness has been the hallmark of PYMNT’s Provider Ranking of Personal Finance Apps since its inception. That’s befitting a category which, for all of the app-based dazzle and artificial intelligence (AI)-driven value it delivers, is underpinned by the financial goals and aspirations of Americans through what is shaping up to be the worst single economic event in U.S. history.
Personal finance app users crave constancy this summer, and providers are delivering.
At No. 1 once again is Robinhood, whose valuation blasted to $8.3 billion in early May on a COVID-19 uptick and a $280 million funding round backed by Sequoia Capital. No change either at the No. 2 spot, still occupied by U.S.-based challenger bank Chime, which helped out customers with cash advances on government stimulus payments. No. 3 was and is Stash, into which LendingTree sunk $80 million in late April. Albert Save And Spend Smarter retains its No. 4 standing with a popular financial advisory component.
The Top 5 surprise for the latest Provider Ranking of Personal Finance Apps is neo-bank Current, entering the Top 5 at No. 5 on the strength of its mobile banking app and Visa debit card combo. Current’s gain pushed strong performer Acorns into the No. 6 position this month.
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