After a summer of intense mentorship in Singapore and a 100-member beta test, Moncton-based fintech company Quber has just launched its product, which helps people manage their spending and savings.
The product — an app that helps people visualize the money they’re saving — was launched this month in the two major outlets for mobile apps, Google Play and Apple’s App Store. Before the launch, Co-Founder Jen Leger had spent a few months taking about 100 clients through a closed beta test, working out kinks and getting feedback from users.
“The big news this week is that we launched about a week ago,” said Leger in a phone interview Thursday. “It’s a full product launch . . . We continue to receive feedback from customers. There was a time during the launch that every five minutes we’d be getting emails from customers.”
A finalist in last year’s Breakthru competition in New Brunswick, Quber has developed a mobile app that lets people set goals for their savings and channel the saved money toward something important. As well as a data-based analysis of individual spending habits, the app features a picture of a savings jar, and the more money you save by cutting out little purchases, the more that jar fills up with coins. The goal is to save enough that you can move the full jar toward something bigger, like a vacation, a car or long-term savings.
Quber operates with accounts from most of the largest Canadian banks and financial institutions, and the company plans to add more institutions in the coming months. The app does not store information on clients’ bank accounts on its system; it merely tells the users how their money is moving in and out, and provides a graphic illustration of their savings goals.
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The company emerged from the Breakthru competition last spring and applied to the FinLab, an accelerator for global fintech companies based in Singapore. Quber was one of eight companies accepted from a pool of 400 applicants. Leger spent last summer in the Asian financial hub, working with a range of mentors, especially those from its dedicated mentoring group, United Overseas Bank.
“They had a lot of their senior management that would mentor us, help us with the idea, and help us to make sure it would work in Singapore and in places like Malaysia and Thailand,” said Leger. “We had sales training and pitching as part of it. What came out of it for us is that we want to go back.”
Growth in Singapore and the Pacific Rim is in the distant future. For now the company is looking at developing a base of customers across Canada. It recently raised some money in New Brunswick, though Leger declined to provide specifics on the raise. She said the team is now working on another funding round with a target of about $800,000. The money will be used for marketing to help it spread the word about the app across Canada.
“We need to do a big marketing push,” said Leger. “We haven’t done any marketing yet — it’s mainly been a great organic growth. We need to build up traction across Canada.”