A Social Network For Your Finances
Status Money thinks it’s time to talk about money. 44% of Americans say this is the most difficult topic to talk about.
The company has created a mobile platform that uses crowdsourcing to enable members to anonymously compare their finances with like-minded peers. Research from the University of Chicago has shown that, on average, this benefit helps consumers save more than $7,000 a year.
In addition to this feature, Status Money enables users to maintain a budget and share financial tips and insights. Furthermore, it provides personalized recommendations — such as opening a credit card with a lower interest rate, or moving money into a higher-yielding savings account — to help users improve their finances.
Status Money generated roughly $1 million in revenue in 2019, and projects to reach an estimated $8 million in 2020. The company has raised $9 million from professional investors including Altpoint Ventures (an early investor in Lyft) and Ally Financial.