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STARTUP OF THE MONTH
Let Emma into your life for help with organising your money
As February rolls around, many people will let their brand-new gym memberships sap their bank account, despite having stopped going after that fi rst spin class. As co-founder and CEO Edoardo Moreni explains, Emma is here to help
Tell us about your company – how was it founded?
My co-founder, Antonio Marino, and I wrote Emma’s fi rst line of code in July 2017. At the time, we were living in Berlin, which is where we relocated after fi nishing our Computer Science degrees at the University of Manchester in September 2016.
We have always known we wanted to start a company together, but we didn’t know what. For this reason, we iterated on many things. We fi rst tried to set up a peer-to-peer lending business in Germany, but we didn’t fi nd the right conditions; then we launched a budgeting app called Kiria, which was targeting the German market.
After some setbacks, we understood what direction we wanted to take and realised this wasn’t the right space for us; that’s why we launched Emma – which was built on the basis of Kiria – and came back to the UK.
Emma is an iOS and Android app that helps people avoid overdrafts, fi nd and cancel subscriptions, track debt and save money.
What is your business model (in detail)?
We don’t have one, but we’ll start generating a strong and sustainable revenue stream on the value we generate for our users. Emma is already able to detect insurances, loans and many other fi nancial products.
In the past, we have been used to have a one-to-one relationship with our bank. With Open Banking coming to the UK, we can build one-to-many relationships, and Emma will try to facilitate as many as possible. This means consumers will be able to get the best loan, insurance or any other product, not because it’s what their bank offers, but because it fi ts them fi nancially.
We believe we can act as a gateway to access more products and suggest better ones.
www.ibsintelligence.com | © IBS Intelligence 2018
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