Elevator pitch:

Currently Personal Financial Management (PFM) solutions provide automatic categorizations of expenses based on the type of store. So, a purchase at Rewe is categorized as groceries. We use a code submitted through the card transaction to split the amount into several categories.

Type of project:

mobile app

MVP:

The MVP extracts the code from transactions on the bank statement and applies categorizations. The MVP is limited to a fixed number of categories and applies to purchases at groceries store.

Target group:

• People who already use PFM tools to analyze and manage their finances
• People who have so far not used PFM tools, because the information generated by existing tools was not precise enough

Use Case:

People will typically use this app to analyze their expenses, for example at the end of the month

Challenges & solutions:

Integrating the figo api took some time. There is no API playground. We overcame the difficulty with the extremely helpful API mentors from figo. Thanks! :)

Scalability:

To be successful, our product needs a supermarket partner. Since market concentration is extremely high in Germany, just starting with one chain like Rewe provides very large scale.

Technology:

The backend is programmed using Clojure. The iPhone app is developed with Swift. Bank transactions are extracted by using the Figo API.

Link:

https://stark-shore-6226.herokuapp.com/

Source code:

https://github.com/RobertTrebor/split-it

Team members, their skills & Twitter handles:

• Abdullah Mamun (Developer back-end), @mamuninfo2
• Filip Vucelic (Developer iPhone)
• Silvan Meyer (Designer)
  
• Paul Haas (Developer iphone)
• Robert Lengsfeld (Product), @robertlikestotweet