It’s probably fair to say that Tink has dominated the majority of the “personal finance” press here in Sweden during the last year. Whilst Qapital and Tink offer very similar services today, Tink seemed to beat Qapital to the hype and were able to acquire a significant amount of customers and buzz quickly, during 2013.
Here’s the thing though, Sweden doesn’t count for much, so both companies will be looking closely at other markets – and the opportunities they present.
With that in mind, Qapital have this weekend announced that they’re ready to hit the US market. Looking to make a splash, they’ve rebuilt their app and user experience to focus heavily on “savings and goals”. Whilst Tink, which I must admit I am a user of, offers a beautiful overview of my finances – it currently lacks the “goal setting” functionality that many users will be looking for.
One of the major problems with most “personal finance apps” today is that they all lack actionable rules. Qapital want to change that, and are introducing “Savings Rules” which act as an “If-This-Then-That (IFTTT) for your finances”. For example, a user can set a rule that “each time I buy a coffee from Starbucks, set aside €10 for my trip to Australia”. Now, that’s pretty impressive and definitely a massive reason to switch over to Qapital.
During 2013 it looked like Tink had won the battle – I’m sure Qapital are hoping that the war is still there to be won.