The app allows you to provide username/password of your financial online accounts and it will fetch and auto categorize your spendings and transactions. The app provides a read only interface i.e. you cannot make any transactions here. The account credentials are saved securely and you do not need to re-enter anything. The service is currently integrated with most of the Indian financial institutions which includes banks, trading, insurance, and mutual fund companies. You can also track your reward points from airlines. They have a very neat interface and decent reports generation only that the site is little slow.
There are 2 ways they could have done this. Either a tie-up with all the financial institutions of India to get access to their Database or a HTML scraper individually for web interfaces of all financial institutions. The earlier involves too much bureaucracy and if they did it that way it is really a very appreciable task. But if they have designed HTML scrapers, which i thing they did looking at the sites slow speed and what i know about tie-ups with big shots, they might face heat from the regulatory authorities. Also, regular design changes on the source end can be a pain to catch up with.
The monetization is already in place as they are pushing financial products. Artha Money is essentially a one stop financial products shop so this offering makes a lot of sense.
This is a much needed product in India where generally all the adult family members have a bank account and multiple trading accounts but only one member keeps track of them. Though there will be some resistance for adaption as financial data is involved.
Do give it a spin and share your views. Do you think they can make it big as Mint?
Some other startups trying to solve similar problem: TrackSpends OnyeM 11rupees(short circuited). But none of them provided any direct integration of accounts. All of them were more of a report generation tool as you were required to punch in every transaction manually.
[Naman is a startup enthusiast and has worked with couple of Indian startups as Product Manager. He is the founder of FindYogi]