NoMo Money App Launched by The ID Co.

NoMo Money app The ID Co PFM

The ID Co has launched a new mobile cashflow tracking app, NoMo Money, following recent successes with DirectID.

The ID Co is set to launch a new mobile app, NoMo Money, which offers simple financial cashflow tracking using Open Banking.

The Scottish-based fintech company said the app aims to offer users an “honest appraisal” of income and outgoings, and separates itself from other personal finance management (PFM) apps by bringing a “healthy dose of personality, aligned with a clean and simple interface”.

NoMo Money App

NoMo has been launched to compliment the range of products already offered by The ID Co, which includes the B2B platform, DirectID. DirectID supports more than 5,500 banks worldwide, across 32 countries.

In August 2018, DirectID was integrated with Clydesdale and Yorkshire Bank (CYBG) to allow customers to view accounts with other banks within their “B” App.

According to The ID Co, around 80% of young professionals state that they find it difficult to properly manage their finances. This app directly addresses the issue and aims to let users see if they are up or down in their finances by comparing their daily historic average wage against the current sum of funds.

The app works as a standalone app or alongside other PFMs in the market such as Yolt, Money Dashboard and Chip.

Important Questions, Simple Answers

Commenting on the release of NoMo, CEO James Varga said the app aims to answer “one very simply, but important question” and that there is strong consumer appetite for such a product.

“We have been working on building a consumer App that allows customers to answer one very simple, but important question,” he said. “And we’re confident that this premise means NoMo will be a great success with customers.

“It was important for us that as well as being involved in working with financial institutions with DirectID, we also have a consumer offering that will broaden our appeal within the market. Our research suggests that there is a very strong appetite for such an App and we look forward to the reception NoMo will receive now it has been launched.”

How It Works

NoMo consists of two main screens – ‘Snapshot’ and ‘Summary’. The Snapchat screen provides a quick summary to show the user how much they are up or down and offers personal messages from NoMo. These messages, the firm said, can be controlled in the settings by altering the app’s personality slider.

The Summary screen provides a visual representation of the user’s budgeting performance over the course of a month.

Days of the month highlighted in orange indicate days on which the user has been down. Whereas, those in yellow represent the days they have been up. Days featured in white are those on which the user’s spending has been ‘average’

The app is available on iOS and will be released on Android in December 2018.

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