You might think that managing your personal finances is a far cry from running a major corporation, though that’s not the way San-Francisco-based startup San APP would have it.
The company is in the process of developing an iOS and Android app that makes users CEO of their own, personal corporation, complete with board of directors and fluctuating stock prices.
Here’s how it works
Users log in to the app and import financial information from different accounts; San APP ’s use of the Yodlee aggregation API makes this a snap. After that, they create a weekly, monthly, or “lifely” budget approved by an “advisor” (that is, facebook friend) who’s also on the app.
Because San APP is connected to your bank account, it can show you and your “advisors” how your pre-planned budget stacks up against your actual expenditures. What’s especially cool is the fact that each corporation/user has a stock price that goes up or down depending on how well they stay within the boundaries of their budget.
Here’s why we think audiences will love PROSPR when it launches later this year:
1. It’s gamefied
This is the first financial app I’ve come across that turns financial responsibility into a competition. Users will be encouraged to actually stay on budget by the fact that good results mean higher stock prices, and ultimately more bragging rights. Competing with other users, or themselves, is a great way to keep users engaged.
2. It’s got a great theme
In the age of startups, practically anybody can be CEO. Aspiring entrepreneurs can use this app as a low-risk way to get a feel for budgeting, working with advisors, and keeping an eye on company value.
3. It turns personal finance into a group activity
Though some might not be into the idea of sharing financial details with friends, I think it’s the perfect platform for getting advice about what your monthly budget should look like based on the experiences of others. The fact that users need at least one “advisor/friend” to use the app is also a brilliant move by San APP to acquire new users quickly.
San APP is the project of two self-described hipsters, currently in the process of raising $300,000 in funding.