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In a Nutshell: Since its beginning as a small startup called Cleevio launched by a group of friends in Prague, Spendee has become a competitive name in budgeting and spending apps. Launched in 2013, Spendee has steadily added features and bolstered its user experience over the years. Today, the app offers both free and premium versions with features including the capacity to track all funds going in and out of a user’s bank accounts, the ability to sync with multiple accounts, create and share budgets, and use cash wallets.
Nestled in the heart of Eastern Europe along the Vltava River, Prague is a breathtakingly beautiful city, whose history stretches back millennia and its architecture speaks to humanity and its achievements.
Today, that historical backdrop abuts a fast-paced modern world, creating an elegant example of how the past meets present to create the future.
It’s this environment where the idea for Spendee was hatched.
The story of Spendee reaches back to 2008, when three friends began a small startup called Cleevio. They had kicked around an idea for a budget managing app they kicked around in their free time, and it came to fruition in 2013 when the group launched Spendee.
The app quickly caught the attention of industry influencers and users alike, and was the focus of a number of reviews and articles almost immediately, receiving 85,000 downloads in its first three days, according to Cleevio co-founder Lukas Stibor.
By 2016, Spendee spun off into its own company and it has steadily progressed from there. Early in 2017, Spendee made another big stride by offering the ability for users to integrate the app with their bank accounts, helping to make managing money in Spendee easier than it had ever been.
We caught up with Spendee Marketing Specialist Johana Pozdenova for the latest Spendee news and to help give us a rundown of some of the app’s most attractive features.
Spendee Focuses on Creating a Quality Experience so Users Can Spend Less Time and Effort Managing Their Money
At its core, Spendee is a mobile and web app designed to help users manage their personal finances, Pozdenova said.
“Spendee’s main benefit is a strong user-centered approach with a focus on the user experience,” she said. “Our mission is to develop an app that will be intuitive, beautiful, and that will make money management super easy for everyone.”
Pozdenova said the company invests a large portion of its efforts into user testing and consumer research to give Spendee users the best possible user experience they can. Their hard work is being recognized — the company was a 2017 Mobile UX Award winner.
According to the Spendee website, the company believes “managing finance should be as effortless as shopping online. It should be done anytime, anywhere and in a few clicks.”
These aspirations seem to bear out in the app — users are welcomed by a straightforward and sleek home screen that displays their total balance of funds, their monthly change in funds, total amount available in their online wallet, and a simple tab to add a new wallet or bank account.
If users are still unsure of how to get started with the app, or how to get the most out of it, Spendee has created a convenient walk-through to bring new budgeters up to speed.
“Compared to our competitors, our biggest advantage is that you don’t have to input everything manually if you don’t want to,” Pozdenova said. “You can connect your bank account to the app and then every time you pay by card, all those payments and transactions will ultimately import into Spendee.”
The app will also automatically categorize the expenses for the user.
Users in the United States have the ability to sync as many bank accounts to the app as they would like with the free version of Spendee, while users in other parts of the world will have to pay for the premium version to take advantage of this feature.
Users Can See All Their Finances in One App, in One Place
Pozdenova said Spendee can be an incredible timesaver for those working to manage their budgets because they can see everything in one place, rather than having to log in to multiple sites and track multiple accounts across the web.
And the ability to connect as many bank accounts as they desire is a big advantage for Spendee users.
“If you have multiple bank accounts that you are using regularly for different kinds of expenses, then you can connect all those accounts and you’ve got a comprehensive overview,” she said. “So you don’t have to go to internet banking or mobile banking every time you want to check how you are doing.”
But Spendee does more than just aggregate multiple bank accounts.
“The All Wallets Overview is definitely our top feature right now,” Pozdenova said.
The feature enables users to see all their financial accounts, together with cash, e-wallets and cryptocurrency wallets in a single place.
“This is making money management much more comfortable and less time-consuming for everyone with multiple accounts, or people who track their money manually,” she said.
Having all your financial info in one convenient place enables you to track your cash flow, provides tools to understand your financial habits, and ultimately makes your spending stress-free, according to the Spendee website.
To get the most out of Spendee, users can download Spendee Premium for $22.99 per year, which allows for the most comprehensive access to all Spendee’s features. Users can also choose the Spendee Plus version for $14.99 per year.
Shared Wallets, Budget Tracking, and Customization Are Attractive Features for Spendee Users
As far as other features, Spendee offers an array of convenient options and customizations to help get users on the right track with their finances.
Pozdenova said one of the features she thinks people will like a lot is the ability to share a wallet and expenses with other users.
“I use this with my husband because we have some of our expenses shared, like grocery shopping, and shopping for the home and decor — all those kinds of things,” she said. “We both enter our transactions into the app and then we can see how much we are spending in our partner budget.”
Pozdenova said she believes this is another feature that helps to set Spendee apart from its competitors. She also pointed out that, in the US, in addition to the bank account sync, users of the free version also get a shared wallet and an unlimited number of budgets they can create.
“If you find out that you are spending too much on food and drink or eating out or something like that, then you can create a budget in the app,” she said. “You can plan a limit on the amount you want to spend, and then the app notifies you when you are about to reach or exceed that limit.”
Spendee also allows users to analyze their spending habits and budgets with simple and easy-to-understand graphics. And, as the website points out, “No need for complicated Excel sheets.”
The company is also working on moving in a new direction by focusing more on personalized and customized advice, taking the burden of analyzing and thinking about spending a step further removed from the user.
“This will enable them to spend less time on money management and spend more time doing things they love,” Pozdenova said.
She said the Spendee team also recently released the web version of the app and are gradually adding more features to that platform for users who prefer a desktop experience.
Spendee now has the ability to connect with more than 2,500 financial institutions across the world, but its home office is still located in the city of its origin. And as Spendee continues to improve and refine its user experience to make money management even easier, according to Pozdenova, it only makes sense that Prague is also the historical center of Bohemia — a term we associate today with innovative and free thinkers.