On today’s episode of the BankNXT Fintech Podcast, I ask Edoardo Moreni about setting up Emma, which his company describes as ‘your financial advocate’. Emma is an app that helps you control your finances, and will be available on iOS and Android operating systems.
Our discussion covers the app’s beginnings, revealing how it came by its name, and the security implications of protecting people’s sensitive financial data. As of writing, the app works with NatWest, Halifax, Lloyds, Nationwide, Barclays, HSBC, First Direct, Santander, TSB, RBS, Metro Bank and Co-operative Bank.
I ask Edoardo how it will make money: “I’m just going to stay poor forever! What we’re building here is a financial advocate, a financial assistant. The most interesting bit about fintech is that financial data is massive, and covers so many aspects of your personal finances. So it’s about getting the right business model and actually providing value to the user before making money.”
Edoardo talks about educating people about their finances, which underlines the company’s marketing strategy; education first, then offer the product. We also talk about the company’s growth strategy. It’s early days, but a thousand people are waiting for the app to go live, which is a good sign. Exciting times ahead!
“It’s a case of increasing that number and implementing as soon as possible. We’ve got most of the tech ready, but we’re working with our service provider … it’s going to be exciting. In terms of growth, it’s just about putting the word out there.”
Edoardo and his close ally Antonio – “two Italians in Manchester – the only Italians on the course!” – have set their sights on making Emma a great success, and it was great chatting to them so early in the product’s development.
Thanks again for listening in. I’m always open to discussion about who you think I should reach out to, especially if they’re doing something exciting in fintech. Please leave your comments below, or contact me on Twitter. You can catch other interviews on this page.You can subscribe to this podcast on iTunes.