Everwealth: Smarter decisions via data

It’s just a few short months since personal finance platform Everwealth was publicly launched by co-founders Rachael Komen and Sam Thwaites. CANSTAR caught up with one half of the driving force behind the fintech startup, Sam Thwaites, for some insight into what Everwealth does and what its competitive advantage is.

Q: If you had 30 seconds to sum up the benefit of Everwealth for a typical person what would it be?

A: Everwealth provides everyday people a central location to view, evaluate, and make smarter financial decisions in order to gain control of their personal finances.

With Everwealth you can automatically sync transactions from over 7,500 banks around the world allowing you to view all your balances and transactions in one place without logging into to multiple banks. You can setup budgets, invite your partner or accountant to collaborate with, gain some confronting but awesome insights into your spending patterns all whilst keeping your finger on the pulse with as many real-time alerts as you require.

Q: You are competing in an increasingly crowded marketplace. What are your competitive advantages?  

A: We believe Everwealth is a lifestyle choice.  At every stage in our lives we have unique challenges. We all face variations on them, moving in with our partners, working out how to fund a wedding, paying back student loans. What we are doing at Everwealth is to move beyond advice to provide simple tools that combined with our customer’s data enable them to make smarter financial decisions which ultimately improves their financial situation.

Whilst we do recognize that we are competing in a somewhat crowded space, here are few key benefits of Everwealth that really make us stand out:

  • A truly premium service, with amazing customer support
  • One place for a 360 degree view of your complete financial picture
  • Automatically sync transactions from banks all over the world – reducing your data entry
  • Powerful sorting rules – Making transaction categorisation automatic and effortless
  • Real-time alerts – low balance alerts, specific transaction alerts, budgets off track and many more
  • Our users define our roadmap – we give all users the ability to publicly suggest features, comment on and vote them up or down.

Q: How did your previous working lives shape the direction of Everwealth?

A: It was about midway through 2014 when Rach and I decided to combine our bank accounts and start searching for a personal finance tool that fitted our needs. Mint was the biggest by far back then but they only supported banks in the Northern Hemisphere. The other options that were left were either functionally lacking, looked like they were built in the 90’s, or were getting phased out.

So with Rachael being the daughter of a Dutchman, myself being a serial entrepreneur and our general desire to get in control of our own personal finances we decided to embark on this crazy journey to build Everwealth into what it is today.

Q: I know it’s only been a few short months, but any expansion or additional service plans you can share?

A: Absolutely. We’ve had a fantastic start, with real world users we are now able to identify and understand what features are used, get feedback on what is required, and crush many of our assumptions.

Our two primary focus points at the moment are ensuring our product fits the needs of our users and reaching our first growth milestone of 1,000 satisfied users.

Some of the major features you will see in 2016 are ways to setup and track goals around saving and debt reduction, bills and reminders, forecasting tools, and some mobile apps for those iOS and Android lovers.

Some quick facts

Everwealth utilises account aggregator Yodlee to collate your personal financial information from your financial institutions and uses well-designed data visualisation tools to show you exactly what you’re doing with your money. The platform charges a $5 per month fee, with no lock in contract. They offer a 17% discount to pay annually. You can read more about Everwealth’s features here.

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