#BusinessNews: Inflow and Mono partner to transform personal finance management

In the last decade, people have made more financial transactions than they ever did in the years before. With more income and expenditure comes the need to understand and manage one’s finances better.

Budgeting, as a way to manage personal finances, has been around for many years, but its capacity to help the current crop of people who operate one to three bank accounts, along with other digital finance apps is limited. Getting a complete view of their finances would mean logging into each of these apps daily, creating budgets in each, or having to manually update a central budget with daily expenses.

Founded in November of 2020, Inflow is built to be a personal finance management app with a clear difference; making it possible and seamless for people to view and manage their finances from just one app, in real-time. To achieve this feat, Inflow needed a secure and reliable way to enable customers to connect their bank accounts to the Inflow app. This led them to Mono.

Speaking with Inflow’s CEO, Peter Olusesan, he said, “Inflow has leveraged Mono’s API infrastructure to allow individuals to link all their accounts with financial institutions such as banks and fintech in one place and see transactions in real-time. Mono’s infrastructure uptime, reliability, and speed have significantly improved Inflow’s service as it provided us with access to up to date customer bank records.”

“Migrating from another provider to Mono was seamless. We were able to get started and integrate with Mono in less than 2 weeks across 3 different platforms – Web, iOS, and android. Also, the simplicity and stability of the Mono SDKs are top notch, we’ve recorded no app crashes resulting from the SDK so far.”

“On customer support, the Mono Engineering and Support teams provided us with a direct and dedicated Slack channel that has helped us quickly resolve issues, suggest features, get early access to features, and timely notifications on any foreseen issues. Mono’s customer support efforts have helped us to create a much better UX for our users.”

Customers can sign up to Inflow, give consent to connect their bank accounts using the Mono, and get started with understanding and managing the flow of money across their accounts.

Having launched and started their private beta only a few months ago, Inflow is already making a difference in how people handle their finances. With their integration with Mono, Inflow has been able to give users better visibility over their financial accounts, control overspending, and is enabling them to budget more effectively. They can now clearly see how much they’ve spent across different accounts on different things from food to entertainment and subscriptions.

“Our customers love our product; we launched our private beta 2 months ago and have grown to over 1000 users, some of whom are paid. The reception has been very positive and in the event where some customers experienced difficulties, we’ve had a lot of support from Mono to quickly resolve those problems.”

“Mono’s great product design and easy-to-configure SDKs across platforms helped us in creating an atmosphere of trust with our customers. We’re looking to switch to the new dashboard soon and take advantage of more insights that’ll provide better experiences to our customers.”

The Inflow team is highly customer-focused, and taking into account how Mono’s infrastructure helps them provide a great experience for their customers, Peter added “Mono’s Data Sync feature which allows us to fetch real-time data (account balance and transactions) from financial accounts linked to Inflow, without taking users through a re-authorisation process has been our favourite bit so far. Our users don’t have to manually re-link their accounts to fetch new balance and transaction data from their banks or financial institutions. Mono’s APIs also include support for re-authentication in situations where users have 2FA enabled.”