Oval is the first solution that allows the digital natives of the on-demand economy, to finally get some sense of their finances, and become money wise. Oval’s vision is to create a simple financial solution for everyone, that speaks to the new generation of workers, with flexible income, variable expenses and limited access to financial products. They were recently awarded best personal finance app at the Innovate Finance Global Summit 2017. Oval has been featured in publications including TechCrunch, Business Insider, Bloomberg, Forbes
Oval users achieve savings using commands that tell Oval to make a deposit into the app’s secure digital savings account each time there is new income or spending in a linked account. Oval says the system is based on the latest research from financial experts and behavioral economists.Users are to make financial decisions through a combination of technological solutions and the suggestions and advice of other users.There are three types of programs: round-ups that save the spare change from transactions, percentage saving that puts aside an amount equal to a fixed percentage of a transaction or income, and fixed amount saving which saves an amount chosen by the user each time a transaction is made at a specific merchant or on a specific category or user tag.
Benedetta Arese Lucini, Oval’s CEO, says “We want to create a new platform for people to both help themselves and help others as they identify intelligent strategies to save.”