Bankata is a personal finance app that empowers individuals to make smarter financial choices and effortlessly manage all their financial products in one convenient place, replacing all the banking apps on their phone.
The best money managing app. Bankata helps you cut expenses and save more than ever. We make it easy for you to plan, spend and track your money with features you'll love to use. Bankata’s mission is to become the go-to personal finance platform for every household in CEE, weather we are talking about debt management, investments, payment tools, telco, insurance or utilities, AI driven advisory, prescoring integration and Open Banking solutions.
Bankata.ro is a personal finance platform and application.
The users come to our web-based platform to easily compare all the products available in the market and based on their needs apply online, free of charge for the products that are the most suitable for them. Through the app, the users can have an aggregated view of all of their and their family’s accounts at any bank or fintech with a personalised dashboard for spending and savings. This will help them better manage their finances, instruct payments and receive personalised advice for debt management (through credit scoring), savings and investments. Moreover, the app will provide information and allow users to manage monthly subscriptions, taxes and fines.
The best money managing app. Bankata helps you cut expenses and save more than ever. We make it easy for you to plan, spend and track your money with features you'll love to use.
Bankata’s mission is to become the go-to personal finance platform for every household in CEE, weather we are talking about debt management, investments, payment tools, telco, insurance or utilities, AI driven advisory, prescoring integration and Open Banking solutions.
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Risk no 1 - Commercial
Signing new partnerships in order to scale the business outside Romania
In order to expand the business outside Romania we need to sign new partnerships with financial institutions from each geography. On average, implementing a new partnership takes about 3 months from the initial meeting.
A large number of the partnerships we already have implemented in Romania are signed on a regional level. Therefore, when we launch in a new country, we already have 8 highly reputable partners we can onboard from day 1. In addition to this, the profitable relationship we already have locally with large regional banks will increase our credibility in the market and aid in signing new partners.
Risk no 2 - Commercial
Low number of users
Launching in the region requires different marketing costs in each country.
In order to rely less on SEM (search engine marketing) and keep growing the business and our market share, we will focus more on affiliate marketing with local brands from different segments. One example is the partnership we have signed with Huawei in Romania and which can be expanded to other countries where they have a large number of users. Through this partnership all Huawei users looking for financial solutions through Petal search are forwarded to Bankata. Another partnership is with Edenred - Benefit app, where Bankata’s lending solutions are displayed on Benefit’s landing page providing us high quality customers as they all are employees of multinational companies.
Also, in order to tap into markets across the region without having to open an office in each market, we will take advantage of the current investment trend among eastern-europeans (mostly fueled by the Ukrainian conflict) that invest in real-estate in countries such as Spain, Dubai or Portugal. Bankata will serve as the bridge between real-estate agencies and banks offering mortgage loans for non-residents
Risk no 3 - Financial
Next round of funding does not cover the business needs
We estimate that the next fundraising round will take place in 2 years time. Till then our target is to reach MRR 50.000 euro. This will come from both partnerships (existing revenue model) and app monetisation when users will pay a subscription fee.
Risk no 4 - Commercial
Competitors: Bank’s own apps or other European independent players
As any other business field there will be high competition - coming from both banks or other fintechs that provide similar services.
Unlike banks, bankata app will always be independent and impartial, focused solely on customers' well being and not pushing products in any way. This is the main reason why users trust us more while at the same time we are able to deliver better accounts to our partners, accounts that they are unable to acquire from other sources.
Bankata will be the only app that combines a digital wallet with portfolio management and optimization by recommending products suitable for each client’s profile.