Sydney-based savings fintech Nudge is partnering with payments provider Monoova in a deal the company says will enable it to deliver faster payments-processing times and offer a broader feature set to its “growing base” of Australian savers.
According to Nudge, working with Monoova has allowed it to automate several of its back-end functions and reporting requirements, “resulting in shorter payments-processing times and significantly lower transaction costs”.
Nudge Co-founder, Andrew Wilson (pictured),said “Monoova’s enhanced capabilities open up a range of possibilities for new and improved features to be added to the Nudge Saver app. This includes the ability to add ‘social savings’ components, which will allow users’ friends and family to sponsor their savings goals as a form of gift-giving”.
“We’re always looking at new ways we can help Australians achieve their savings goals and work towards better financial health. With Monoova’s flexible technology, and their genuine willingness to tailor solutions for clients’ purposes, they make the perfect partner for us. They are also able to combine the stability of a larger partner with the speed and responsiveness of a start-up.
“People often understand what’s required to improve their financial health. However, they have previously lacked the tools or the motivation to take meaningful action, because many existing tools are far too complex. Nudge seeks to address both those issue.
“Our app is about helping people do what they already know they should in the simplest possible way – save up for things they really want, rather than burdening themselves with debt for things they may not truly value.
“We do this using a goal, behaviour, and reward cycle to keep users motivated. It works because we’ve applied a clever technology layer to the psychology, not the other way around.”
Commenting on the new partnership, Chief Executive Officer of Monoova, Christian Westerlind Wigstrom said, “We are delighted to support Nudge’s mission of helping more Australians save more money, more often. Often, even small changes to financial management can have a very large impact. Nudge is turning fascinating economic theory into practice with very real benefits to its users.”
“At Monoova, we are continually investing in our capabilities to ensure the businesses we work with can spend more time on the things that matter such as supporting their customers’ needs rather than getting distracted by payments administration.”
Nudge is the latest organisation to join Monoova’s growing client portfolio which includes some of the country’s most innovative and high-growth businesses such as ASX-Listed firm Splitit, DiviPay and Supay.
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