In Focus: Advice for Women  

Woman-focused finance app aims to build resilience

Woman-focused finance app aims to build resilience
 Photo: Anna Shvets via Pexels

Financielle, a female-focused finance app, has launched and is now seeking its first round of funding.

In the first few weeks of launch more than 1000 women in the UK signed up to use the app, which aims to help women get on top of their money.

Financielle's co-founder Holly Holland said this was achieved with no marketing spend.

"We've had a 16 per cent [take up of] the premium product, compared with the market average of 3-5 per cent.

"We were officially the first female focussed financial app to launch in the UK, which is amazing and we're about to go out for our first round of funding so there is plenty going on here."

Users can view articles such as how to buy your first home or how to boost your monthly income; listen to podcasts, set financial goals and change your money mindset. 

There are also guest posts from members posting their personal experiences of money problems, such as the woman who wrote about her dad dying in 2020 and leaving just £9.87 in his bank, and the effect this had on their family when it transpired he also had tens of thousands of pounds of debt that needed to be repaid.

As the woman is next of kin, she says she is still dealing with solicitors' letters and threads of debt collectors and creditors asking for payment. 

The app aims to make users aware of these potential financial millstones and help its members become aware of ways they can put financial stepping stones in place now in their own lives to help clear debts, build up their savings and improve their financial resilience. 

Holland added: "We recognised that women were behind in all areas of personal finance. While there are some great money apps on the market, their technology helps people to passively save and invest through round-ups and tiny budget tweaks. 

"This means the [users] are not benefitting from financial education and intentional habit change - something that is needed for people that have difficulty taking control of their money."

Financielle commissioned a consultancy to research what women want with regard to their finances before launch.

Holland said: "We found that women want more information before they make a financial decision and they want to hear it from another woman.

"That’s why we focused on creating an app that provided education and action in one place. We also recognise the power of community and solidarity with women, helping and encouraging each other on their financial wellness journey."

The founders have big plans for 2022, which Holland said would see Financielle focus on scaling the brand and product, with the intention to raise a large seed round at the back end of the year.

"Financielle will be the brand females think of when making a financial decision", she added.