The predictive technology of MoneyStream has earned it $3.2 million in Series A funding.
It was announced yesterday (April 16) that the company — which touts itself as the world’s first forward-looking personal finance service — secured the financing in the round led by H&R Block, with additional funding from angel investors including Bruno Bowden and Kim Polese.
Designed to enable consumers to see how much money they will have on a day-by-day basis throughout the year, MoneyStream utilizes predictive algorithms that automatically scan transactions and detect upcoming charges based on payment history.
“Consumers have had to rely on a financial rearview mirror until now. They only knew where their money went, not where it would be in the future,” Mike Bertrand, CEO of MoneyStream, said in a press release. “Finances are unpredictable and current tools are built around the assumption of consistent income. MoneyStream’s money management ecosystem creates predictability in a largely unpredictable space.”
Once connected to a user’s bank account, MoneyStream organizes all of his or her information into a graphical calendar that shows both past and projected future cash flows. The service also provides alerts that are initiated by any unusual financial activity.
Beyond its predictive algorithms (and its user interface), MoneyStream states to hold claim on proprietary network protocols that allow it access to credentials from more financial institutions and billers than any of its competitors in the space.
“H&R is very focused on delivering innovative services for our clients,” commented Jason Houseworth, President of U.S. Tax Product and Strategy Development at H&R Block, according to the release. “MoneyStream’s ability to integrate information from so many different sources to forecast cash flow and provide a holistic financial view meets our unique business requirements.”