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

 

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:


Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news