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Pocketbook is personal finance made easy, thinks it can be even better than Mint

Pocketbook tries to simplify personal finance. This Aussie startup has been recently shortlisted into the second batch of the Optus Innov8 program.

Many of us have multiple bank accounts: our parents registered one for us when we were young, there’s another one for our university fund, and maybe another saving account which we use to register our very first credit cards. Sometimes, it can be a frustrating and painful process to get an overview of your financial position because you have too many accounts. This is where Pocketbook comes in. Founded six months ago by Bosco Tan and Alvin Singh, Pocketbook is an application which makes managing your money simple. The Sydney-based startup does this by aggregating a user’s bank accounts, credit cards, loans, rewards programs and providing a single view of their money. If you give Pocketbook access to your bank accounts, you can see where you are spending your money, look at all your bills, as well as manage your finances, all from the dashboard. Some of the features developed over the past six months also include bill alerts and predictions, analysis tools and budgeting. Although Pocketbook has only been in beta for four months, the company has recently been accepted into the second batch of the Optus Innov8 Seed Program, and is well on their well to their first 10,000 users.

“The growth rate and the great feedback from our users gives us confidence that we’re solving a worthwhile problem in a meaningful way. We’ve seen a third of our users coming back on a weekly basis to track and prune their spending and we’re not even on mobile yet! That’s coming very soon.” – co-founder Bosco Tan Of course, personal finance and budgeting tools have existed like forever. Companies like Mint has done incredibly well in this space. Pocketbook prides itself for being simple and easy to use, and is build for people with minimal accounting knowledge who does not like to take the time to manually enter the data. “We’re building Pocketbook for the average Joe, so money management can be done without much thinking. Everything we build, we think about “how can we build it ridiculously simple”. If it’s not simple, we won’t build it. Our vision for Pocketbook however is much more than just financial transaction data. We want Pocketbook to be the place to go to manage your personal spending lives, much like Facebook is for social lives and Linkedin is for professional lives.” – Bosco Excited to be part the Optus Innov8 programme

Pocketbook was recently shortlisted into the second batch of the Optus Innov8 program. Bosco told us that they are excited to be part of it.

“We think Optus and Singtel will be great partners. They have tremendous reach across the consumer and small business base in Australasia, which is highly important to where we want to be – a successful global business which changes peoples lives. If we look at the strategy outlined by Allen Lew, CEO of SingTel’s Digital L!fe Group – the cornerstone of their growth strategy is to “build digital solutions that help consumers in their daily lives – as they live, work and play”. To us, finance is so core to all of this. Securing personal finance is the freedom to get on with live, work and play, so it’s the biggest way to help every single consumer. Aside from this, we recognise that what we’re doing will inherently be mobile over time, as more and more people take up mobile banking habits. So the partnership can really be foundational for our positioning of being mobile experts.” – Bosco Being based in Australia, do you think that gives you more challenge or opportunity as a startup?

“I think given what we are building, we are in a great place to execute. Finances is highly important to Australians, we’re not great at saving as a population and asset prices (i.e. homes) are very expensive — some of the highest prices in the world. This means young Australians, particularly in big cities are starting to struggle purchasing their first home. We think we can really make a huge difference. Aside from this, we have great infrastructure in that our banking, insurance and core utilities sectors are well established with some great technology platforms for us to leverage. All of this helps give us a way to deliver our product a whole lot easier.

And the thought is, we can do some great things locally which will give us important proof points to then expand our product beyond Australia, and ultimately to Singapore, Hong Kong and the rest of the region.”