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New PFM App Hip Money Comes to Market

Diana AsatryanbyDiana Asatryan
February 24, 2017
in Uncategorized
Reading Time: 2 mins read
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hipmoneyIn the long list of startup finalists competing at South by Southwest 2017 hides a brand new personal finance management app.

Hip Money – a new app by Hip Pocket – adapts the millennial habit of “swiping” to help them save and pay down debt through a mobile app.

Nebraska-based software company Hip Pocket launched a Kickstarter project for its newest app in May last year. The project surpassed the funding goals, and, completing a beta launch, is now ready to go live, according to Hip Pocket founder Mark Zmarzly.

“The Kickstarter was more like a test project for us, to test the price and spread the marketing message,” Zmarzly said. Compared to other Hip Pocket products, “this app is more on the disrupting side, than the partner side,” he said.

After downloading the app, users connect the platform to their checking accounts in order to receive personalized recommendations on saving opportunities. They can also set up goals, and see a forecast of their finances.

The app will be live on March 12th, according to Zmarzly.

What makes Hip Money stand out from the overcrowded market may be its business model: the app targets corporations, rather than FIs. “We are pursuing a B2B2C [business to business to consumer] model, where corporations pay for the app and distribute it to their employees,” Zmarzly said. “We’ve already received interest from seven organizations that average to 150 employees per corporation. After meeting with us, employers can sign a contract in a day; with banks and credit unions that process could take longer than a year.”

Among its new features, Hip Money will soon offer a “round-up” option, which will allow users to automatically deposit their spare change towards a goal, such as a student loan debt.

Zmarzly will demo the app during the SXSW 2017 in Austin next month.

Zmarzly tells us all about the new app, along with an advice for young fintechs, in an upcoming episode of INV Unfiltered. Stay tuned!

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