|Startup Name *|| |
|What problem are you solving?||1 in 5 Australians live from pay cheque to pay cheque. 1 in 7 Australians live in poverty. They make just enough money to pay for that week or fortnight and start over. They wait anxiously till they get their next pay cheque so they can afford to pay for those essentials such as rent, mortgage and even on things like food and medicine. |
Every year we pay millions of dollars in bank fees in the form of late fees and overdraft fees that we can easily avoid.
|What is your solution?||An easy to use smartphone app and a web app that helps users mitigate all those money blunders. |
Boomeringo helps people who are struggling with their finances, especially those who live from pay cheque to pay cheque, help save more money. They can easily see where their hard-earned money is going and see where they can save and cut back on their expenses.
The way Boomeringo works is by connecting to your bank, credit card or loan account. It then securely pulls your transactions, automatically classifying them into different categories (gas, rent, Internet, school fees….etc) as well as merchants (Coles, Aldi, Harvey Norman, McDonalds, Starbucks…etc) so on and so forth.
Boomeringo also reminds you of any upcoming bill payments, so you can avoid paying those nasty late fees and overdraft fees. You can create a budget for just about any category. You can set a limit and as you get close to overspending Boomeringo will alert you via an email, SMS or a push notification.
|Why is this a great opportunity?||Although FinTech is a relatively crowded market in Australia, and although there’s an array of different budgeting tools available, Boomeringo addresses a very unique industry need. It not only helps users easily keep track of their income and expenses, but also actively finds ways to save money based on users’ lifestyle.|
|Target Market||Income earners who live from one pay cheque to the next. 1 in 5 Australians belong to this category. |
Boomeringo also targets Asia-Pacific region. With a potential reach of 500 million Internet savvy, online banking users who live from pay cheque to pay cheque.
|How will you make money?||1) Because Boomeringo algorithms can assimilate what a user spends on certain categories, such as mobile phone bill, we can easily suggest a money saving deal. For instance, if you are spending $99 on your mobile phone bill, we can easily suggest a cheaper option. i.e. $69 with the same data amount. Once you switch to the new provider, we receive a commission fee from the new provider. |
2) Subscription model – Currently Boomeringo is a free product, with premium options coming in the near future.
|Founders Names||Shammika Munugoda|
|What type of funding has the company received||Bootstrapped/self funded|