Moneyhoon leverages data, AI and human expertise to help people improve their financial health
In 2021, a team of entrepreneurs recognized the untapped potential of financial data in personal bank accounts. With Vacuumlabs’ funding, support and resources, they built Moneyhoon – a platform that classifies bank transactions with 90-percent accuracy and provides up-to-date financial insights and personalized advice.
Erik Cebik and Dusan Michalko from Vacuumlabs identified a gap in financial services and initiated the development of Moneyhoon with a team of frontend and backend engineers and a product designer.
Or higher accuracy in transaction classification
Spending reports and advice
Making smart, informed financial decisions can be time consuming and overwhelming. Bank accounts hold mountains of unorganized personal financial data, and it can be difficult for people to get a clear picture of their financial health and make informed decisions on their own. In 2021, Erik Cebik and his colleague at Vacuumlabs, Dusan Michalko, saw this gap in financial services as an opportunity. The Vacuumlabs talent pool provided two frontend engineers, 2 backend engineers, and a product designer to start building Moneyhoon.
“Banks have all this data without the incentive to give customers holistic financial advice. Meanwhile, financial advisors don’t have the data,” says Cebik. “So we thought, what if we disrupt this old-school financial advisory business and rely on technology to give people actionable advice and insights and help them advance their financial health?”
When you’re building a fintech product, you can’t just hire freelancers and hope that everything will fall into place. You need people at the top of their game, and Vacuumlabs has made that a reality.
CEO and Co-founder of Moneyhoon
So, Moneyhoon was born, an open banking platform that aggregates and classifies bank account data and provides sophisticated spending reports and advice. “It’s a unique blend of a robo-advisor—an algorithm that generates a clear map of the user’s finances based on real-time data—and human expertise that serves as the backbone for the algorithm,” says Cebik, now the CEO of Moneyhoon.
By offering users a full overview of where their money is going, Moneyhoon gives them power over their personal finances. “Users set up their financial flows to tell us how much they want to spend on fixed regular expenses. We take into account their savings rate and tell users exactly how much they need to save every month to build financial resilience,” explains Cebik.
In addition, Moneyhoon’s smart reminders allow users to stay on top of their financial obligations by helping them make regular payments on time.
Transaction classification
Hybrid AI-human advisor
Investment and mortgage portfolio
Smart payment reminders
Besides allowing users to more easily manage their day-to-day finances, Moneyhoon aims to help them grow and protect their wealth through investment portfolios, including life insurance. “We want users to protect their most important asset, which is essentially themselves,” says Cebik. “If something happens to you and your capacity to generate income decreases, you need to be protected.”
Moneyhoon also helps users refinance or renew their mortgages by scanning for the most convenient offers. “We will save people eight trips to eight banks that they would otherwise need to make to get a sense of the conditions for mortgages,” adds Cebik. “If we find a better mortgage for them and it makes sense to refinance, we will let them know as soon as possible.”
Moneyhoon’s 20-person team launched a closed beta to allow over 200 users to test the product before it’s 2023 launch to the wider public.
CEO and Co-founder of Moneyhoon
But the first iteration is just the beginning of a holistic financial health product. The team will continue improving the platform, starting with optimizing mortgage monitoring and daily banking features and building product add-ons. “We have the ambition to raise up to €2 million by the first quarter of 2023, with €800,000 already committed,” concludes Cebik. “The good news is that the same basic rules hold across borders so we can definitely scale to other countries and help millions of users improve their financial health.”
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