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A List of Personal Financial Management (PFM) Providers in the United States

Nov 22, 2017 2:43:00 PM

Our mission at MX is to empower the world to be financially strong. To do this, we work with digital banking providers, fintech companies, and financial institutions to build products that help millions of people manage their money. While people in the industry may refer to these products as digital money management or data-driven money management, traditionally the category has been known as personal financial management (PFM). 

PFM has been shown to deliver a strong return on investment, particularly because it appeals to the most profitable consumers. According to Javelin Research, DMM users are 18 percent wealthier than non-users. They also have “relationships with more FIs and manage more accounts” and are more likely to own every major financial product, including savings accounts, retirement accounts, mortgages, and car loans. Finally, they’re also “more likely than non-users to charge purchases to a credit card (52% vs. 36%), swipe a debit card (46% vs. 24%, or pay with a prepaid or payroll card (10% vs. 4%).” 

In this list, we start with MX for obvious reasons. But we feel confident enough in our product offerings to also highlight each of our competitors by name. We hope that you will implement PFM regardless of who you partner with and join the cause of empowering the world to be financially strong.

This list is not a comparison of various providers. Instead, it's meant to give an introduction to each provider so you can research the details for yourself.

 

MX

Founded in 2010, MX offers multi-sourced aggregation, transaction categorization, a native cross-platform architecture, APIs, data analytics, targeted marketing, and more. MX has more than 1,700 signed clients and more than $70 million in funding. The company has also won 6 "Best of Show" awards at Finovate, the premier fintech conference.

personal financial management 

Envestnet / Yodlee

Yodlee was founded in 1999 and purchased by Envestnet in 2015. They offer data aggregation, with a focus on investment data — particularly after Envestnet purchased them. A week before the purchase, The Wall Street Journal reported that part of Yodlee's business model consisted of selling anonymized data to investment companies, which made it a smart integration with Envestnet.

 

Geezeo

Geezeo offers white-label PFM products to banks and credit unions. They also offer a referral engine, which helps automate the customer referral process. They were founded in 2006 and have 450 clients. According to their site, "Geezeo’s primary focus is to provide technologies that enable our clients and their partners to activate and engage target audiences."

 

Moven

Moven started as a consumer-facing financial application and has evolved to work directly with financial institutions. Founded by the thought leader Brett King (check out our review of his fantastic book Augmented), Moven has always been coupled with a futurist vision — a philosophy that the fundamental nature of banking is set to change forever in light of rapid technological advancements. 

 

Strands

Strands was founded in 2004 as a company that offered music recommendation algorithms. Since then they've pivoted to make PFM products. According to their site, they have "200 employees in Barcelona, Buenos Aires, Kuala Lumpur, Mexico and Miami." Strands is primarily focused on institutions outside of the U.S., though they also have a presence here.

 

FinanceWorks

Shortly after NCR bought Digital Insight in 2014 for $1.65 billion, they decided to replace FinanceWorks with PFM services from MX.

 

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That's a wrap.

Are there any providers we overlooked? If so, let us know in the comments and we'll add them.

personal financial management

Jon Ogden

Written by Jon Ogden

Jon Ogden is the Director of Content Marketing at MX.