Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Digital Startup Revolutionising How Shared Expenses Are Mana

Digital Startup Revolutionising How Shared Expenses Are Managed

Media release: May 28, 2014

Digital startup Glassjar is revolutionising the management of shared expenses aiming to end roommate conflict worldwide.

Glassjar helps tenants securely manage their rental’s shared bank account, roommates and payments by automating the management of shared expenses and putting it online. It’s as easy to use and transparent as a glass jar on your kitchen counter.

Glassjar begun after the mismanagement of finances in co-founders George Smith and Duncan Keall’s first apartment led to late rent, lack of grocery money, and the end of friendships. Knowing their situation was common amongst their friends as well as in shared rentals worldwide, Smith and Keall set out to help improve group finance management.

“We are building the world’s most intuitive system for managing shared expenses. It’s never been done like this” says CEO Smith. “We see huge potential in aligning a group’s finances in one secure place online, where everyone is held equally accountable for their share.”

Through a secure online dashboard, Glassjar links with collective bank accounts to offer complete transparency between roommates and will automatically highlight spending trends and predict future balances for the shared account. This allows tenants to easily see how shared money is being spent and greatly reduces the potential for conflicts regarding owed money.

“Most people forget a shared account will hold over $50,000 over the course of a year. When that’s multiplied by the number of flats in New Zealand, the amount of mismanaged funds is mind blowing” says Smith.

Since entering the digital startup accelerator Lightning Lab, Glassjar has grown to now manage the finances of 650 rentals across New Zealand, Australia and the UK and has processed NZ$2 million worth of transactions in just two months.

Following Demo Day this week, Glassjar leaves Lightning Lab backing from leading angel investors, committed advisors and users worldwide.

“We are focusing on rentals and roommates because that was our personal pain point but the range of potential applications is massive. There is clear room for expansion to other verticals including clubs, schools, societies and businesses down the road,” says Smith.

https://glassjar.co.nz/


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news