Sav, a financial technology company based in the UAE, has announced the launch of its new tool, Sav ‘MyMoney’, aimed at helping mass-affluent residents track and analyze their cash flow. This tool is designed to provide users with a single dashboard where they can consolidate and view data from all their bank accounts, track transactions by merchants or categories, and receive reminders for bill payments and subscriptions. The CEO of Sav, Purvi Munot, expressed excitement about the launch of Sav MyMoney, emphasizing the importance of empowering users to confidently manage their finances in a single, visual platform.
To set up Sav MyMoney, users simply need to link their bank accounts to the app and allow it to automatically categorize their expenses, track transactions, and analyze spending patterns. The tool utilizes Google’s Gemini AI to provide near-perfect categorization and intelligent insights for users. With a transaction history of up to 180 days, users can review past spending patterns and identify trends to make informed financial decisions. The data collected by the app is used solely for the purpose of providing insights into users’ financial reality and can be revoked at any time.
Mithil Ajmera, the COO of Sav, highlighted the company’s commitment to user privacy and data security, ensuring that all data is securely encrypted and protected. Sav aims to help users optimize their expenses and cash flow without intruding on their privacy or monitoring how they use their money. The launch of MyMoney addresses the common issue faced by many mass-affluent individuals in the UAE who struggle with fragmented finances across multiple platforms, exacerbated by the rise of digital and card payments. This complexity can lead to ineffective financial decisions and may negatively impact credit scores.
Sav’s MyMoney tool is part of the company’s broader portfolio of financial management solutions, including budgeting, goals setting, automation, prepaid cards, gamification, and gift cards. The company has been recognized by Google as one of the top women-led startups in AI in the MENA region, leading to the development of multiple products and features aimed at making money management easier for their users. The launch of MyMoney represents another step in Sav’s mission to provide innovative and user-friendly financial tools to help individuals take control of their finances and make informed decisions.
