September 01 2021: Australian fintechs Fupay and Basiq have partnered to offer Fu Flow, a next Gen money management and cash flow forecasting tool, that has been tried, tested and loved by over 140,000 users of the Fupay app. Fu Flow is now available as a white-label solution to any financial institution that wants to attract and enable millennial customers to make informed money choices. It can be integrated in as little as 6 weeks.
In helping deliver the next generation of money management, Fupay and Basiq have united to deliver Fu Flow, a sophisticated cash flow forecasting tool that predicts a customer’s financial situation into the future. The Fu Flow solution leverages the unique combination of Basiq’s open banking platform, widely used by Australia’s most innovative fintechs, to aggregate and categorise up to two years of a customer’s transaction history across their bank accounts. This is supercharged with Fu Flow’s unique machine learning algorithms that accurately predict future income, bills and spending with 95% accuracy. By forecasting net cash flow across future paycycles, the end-user benefits from actionable insights and the ability to take action in-app to address their future needs, such as saving or borrowing a small amount of money to meet a large bill or expense.
Traditional budgeting apps or PFM tools offered by banks and financial institutions are outdated and do not meet the needs or expectations of most millennial and Gen Z customers as they only give a retrospective view of a customer’s money. People are multi-banked and PFMs are commonly limited to a single bank. This leaves customers with the burden of aggregating their transaction information from across institutions to obtain a holistic view of cash flow and the inability to predict and action future cash flow needs.
The technology behind Fu Flow has been tried, tested and loved by over 140,000 users of the Fupay app in the past 10 months and is now available to financial institutions who want to differentiate themselves and better engage with customers. There is a clear demand by financial institutions locally seeking to meet the changing needs of millennial customers and remain relevant with a number of brand name banks and lenders well advanced in implementing Fupay’s unique offering.
By partnering with Fupay and Basiq, financial institutions can deliver these tools to their customers in as little as 6 weeks.
"We’ve done the heavy lifting over the last three years building and perfecting our technology with real customers at scale. We know the platform works and resonates with customers based on the engagement in our own Fupay app,” says Jess Joyce, who leads Strategic Partnerships at Fupay.
Chris Smith, Head of Sales at Basiq adds, “At Basiq, we’ve been providing some of Australia’s leading fintechs with consumer-consented access to transaction data since 2017. As a result, we’ve developed expertise in how to make the process of sharing data customer-friendly and how that data should be treated. Instead of hiring a data science team, businesses can simply integrate with us and Fupay in a matter of weeks.”
Fupay and Basiq look forward to announcing their earliest financial institution partnerships in the coming months. For more information reach out to:
Jake Osborne, Growth Team at Basiq [email protected] +61 414 424 895
Betsy Westcott, Chief Revenue Officer at Fupay [email protected] +61 400 790 919
Basiq is a CDR-accredited Open Banking platform that provides the building blocks of financial services. Our APIs enable secure access to customer financial data and tools to uncover valuable insights. Backed by AP Ventures, Salesforce Ventures, Reinventure, NAB Ventures and Plaid, over 200 fintechs and banks rely on our platform to deliver innovative financial solutions across lending, payments, wealth, digital banking and more.
Fupay is a purpose-led fintech company. Fupay has built a next generation cash flow management platform which enables flexible and informed cash flow choices. It combines three key product features and personalised data enablement in the one App. Flow - Pay cycle cash flow forecasting with actionable insights over future cash flow decisions and choice Smooth - Responsible payment smoothing (BNPL) focussed on everyday spending (groceries/food, rent, bills, transport, telco, insurance etc). SmartSpend - Personalised options for members to save money and receive immediate cash back and rewards based on their spending behaviour.
Fupay is a first-of-its-kind lifestyle management platform allowing young millennials to better understand and manage their cashflow needs. We combine modern money management with the ability to BNPL ALL lifestyle categories (including essential expenses such as groceries and household bills) and discover personalised savings and rewards.
We are NOT a traditional credit provider or credit card. We are NOT a budgeting app, ‘cos let’s face it, that ain’t living!
Betsy Westcott, Chief Revenue Officer Fupay