West Des Moines-based Social Money today announced that its CorePro product will be used by a company that TechCrunch says is out to “challenge Mint.com‘s dominance in personal financial management.”
Next week at Finovate in San Jose, Calif., CorePro will be officially introduced as the core processing power behind Qapital, a European-developed financial management app that allows users to set savings goals and transfer those funds into designated accounts.
“They are an aggressive startup that is looking to disrupt the U.S. market with a product that goes well beyond traditional [public financial management],” Social Money co-founder Jon Gaskell told Silicon Prairie News. “No PFM has ever integrated true financial services.”
In October, the company launched the beta version of CorePro, its first open-API product. CorePro is a core processing system that helps businesses and developers integrate savings accounts into online and mobile platforms—in this case, for Qapital.
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With the CorePro API, Qapital is able to integrate FDIC-insured savings accounts with its app, eliminating the need for multiple relationships with companies, financial institutions and users.
Since its beta release last October, Gaskell says Social Money has seen CorePro integrations primarily in the prepaid card space, as well as in the financial wellness industry.
For more on Social Money and CorePro, read our previous coverage: “Social Money launches private beta of CorePro, its first open API product.”
