A fintech startup based in Toronto has launched to help households understand where they are overspending in order to retain more money.
Households tend to have money slipping away in the background, suggests company cofounder Derek Hopfner, such as unused subscription services, outdated credit plans, and unduly high bills.
This is backed up by data from Canada’s Competition Bureau, which found a typical Canadian household could save up to $2,000 per year by switching or renegotiating services such as telecommunications, banking, and insurance.
Yet few actually do so. Perhaps because it’s often confusing and cumbersome.
In response to this opportunity blocked by frustration, Stowe launched to surface personalized savings opportunities by connecting to financial accounts to review bills, subscriptions, and other spending habits.
“People don’t need another app that gives them more financial homework,” explains Hopfner. “They need something that notices when a bill has increased, when they’re paying for something they no longer use, or when a better option is available.”
Stowe is “designed to find those moments and make the next step much easier,” the entrepreneur says.
The core of Stowe is a digital money advisor powered by artificial intelligence.
Users can ask questions like “Why did last month cost more?” or “Can we afford a trip to Italy this summer?”
Couples and families see a shared financial picture while controlling which accounts and transactions stay private, according to a statement from the firm.
Stowe “puts the full picture in one place,” the company states online. “Share what you want with your partner, keep the rest private, track your combined net worth, and see your mortgage or rent alongside everything else.”
The fintech startup was established by former members of Canadian legal-tech Founded which was incubated at DMZ and then acquired by RBCx.
Their app is available now for iPhone in Canada and the United States.
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