Now, view all your finances in a single app

Sav’s MyMoney provides comprehensive spending insights in visuals

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Purvi Munot CEO and Co-Founder Mithil Ajmera COO and Co-Founder of Sav

Published: Wed 21 Aug 2024, 5:46 PM

Last updated: Wed 21 Aug 2024, 8:27 PM

Sav, a leading financial technology company, has launched Sav ‘MyMoney’, to help the mass-affluent UAE residents track, analyze,and gain deeper insights into their cash flow.

Available now on the Sav app, ‘MyMoney’ consolidates users’ financial data from all their bank accounts, and presents it on one dashboard. Users can also look up transactions by merchants or categories and get reminders for bill payments and subscriptions.

“We’re thrilled to introduce Sav MyMoney, our newest tool to help UAE residents master their finances,” said Purvi Munot, Co-founder and CEO at Sav. “Today’s consumers juggle multiple financial accounts, making it hard to track spending. Sav MyMoney simplifies this by bringing everything together in one place. With stunning visuals and clear insights, we’re empowering people to confidently manage their money.”

To set up Sav MyMoney, users need to link their bank accounts and allow the app to automatically categorise their expenses, track their transactions, and analyze their spending. To provide near-perfect categorization and intelligent insights, MyMoney leverages Google’s Gemini AI that has multimodal capabilities allowing it to generate and process text and images seamlessly.

Sav MyMoney also offers a transaction history of up to 180 days, enabling users to review past spending patterns and identify trends to make informed financial decisions. User data is used solely for the purposes that users have consented to — to provide insights into users’ financial reality and help them shape it. Users can revoke consent at any time.

Adds Mithil Ajmera, Co-Founder and COO of Sav, “At Sav, all data is securely encrypted and protected, and we follow strict privacy policies and security measures to keep user data safe. We don’t want to know how our users use their money. We want them to know it, so they can optimize their expenses and cash flow.”

Many of the UAE’s mass-affluent individuals struggle with fragmented finances across various platforms, a problem intensified by the rise of digital and card payments. This added complexity can lead to ineffective financial decisions and may even harm credit scores.

Sav’s MyMoney, launching in phases beginning on Thursday, is the latest development by Sav. It has been steadily broadening its portfolio, from budgeting, goals, automation, prepaid card, gamification and gift cards. Sav was recently identified by Google as the 10 women-led startups in AI in the MENA region and ever since, it has launched multiple products and features to make money management easier for their users.