Dutch digital bank Flow Your Money has closed a €600,000 investment to build the final part of its product, as it gears up for its launch.
The platform is aimed at freelancers and provides them a bank account which eases their money management. Protocols can be setup in the app which for example could see any money left in an account before the next payday is automatically transferred into a pension fund.
Another instance could be that for every incoming client payment, 21% is automatically transferred to the tax account or for every bonus, 50% is transferred to a partner’s account and 50% to a kid’s account.
Flow Your Money was founded by Daan van Klinken, Danny Wilson and Niels Mulder who believe money management should take minimal decision making. In a joint release they stated, “financial independence is not just a matter of smart financial decisions, it is more a matter of (daily) smart financial actions. And these actions should be automated, as many as you possibly can.”
Before the platform can launch it needs to receive its PSD2 permit which will be issued by De Nederlandsche Bank. Flow Your Money is currently in the process of getting this certificate.
The app is set to launch early next year, but people can use the app via a pilot.
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