Saving money and effectively managing monthly earnings or income should be a key priority for company employees, however, they usually don’t have access to the appropriate tools to make informed decisions regarding how to manage their finances.
Brazil-based Fintech firm Allya, which aims to help professionals with managing their earnings. has secured R$7.5 million (appr. $1.4 million) in capital via an investment round led by DOMO Invest.
The capital raised will be used to help Allya with developing a digital assistant that will aim to offer financial advice to employees. The new solution will be implemented by using machine learning algorithms. The new product from Allya will try to understand consumers’ spending habits or behavior and offer practical advice and tips, so that they can effectively manage their earnings.
The new money management product supports the Fintech company’s goal to help employees with saving more of their income, whether it’s through special discount offers or acting on sound financial advice.
Employees are often offered discounts at restaurants through special packages from their employers. However, companies often find it difficult to manage this, so they can outsource the management of these offers to companies like Allya.
The Brazilian Fintech startup can onboard partnerships and manage them more effectively. The company can also keep employees with staying informed about all the benefits their employes are offering through its app. Discounts and other offers may be curated, according to each employee’s particular location and profile.
Many companies across the globe are developing solutions to help consumers better manage their finances. UK Fintech Flex recently announced the launch of its money management app to help people solve their financial problems.
US based digital bank Chime has introduced Credit Builder, a Visa credit card that works like a debit card. It only lets users spend funds available in their accounts, which should help people who are struggling with money management.
In June 2020, Polish-British Fintech Symmetrical.ai, which helps employees maintain financial wellbeing, secured $6.3 million in seed funding.