Money management apps: Meet Emma the Cashback Queen


The concept of cashback is not a new one; sites such as Quidco and TopCashback have been around for years, helping people to save money on purchases they make. Now money management apps are seeking to disrupt the space


However enticing the lure of free money, many people are reluctant to devote too much time and effort into finding ways to save cash and using cashback sites is just one of those things that got left behind.

That’s before Emma came along; the money management app wants to bring cashback back and get millennials saving like never before.

Emma is adding a new Rewards feature, which makes it even easier to get cashback from online purchases; nine brands have so far signed up including Gousto recipe kits, Naked Wines and Pact Coffee, and users will receive anything from £5 to £20 directly into their savings account when buying products from the selected retailers.

‘Cashback is an extremely nice concept, but in general people aremoney management app reluctant to actively figure out ways to save money. That is why they adopt apps to help them save and do the job for them,’ Edoardo Moreni, CEO of Emma told the Evening Standard.

‘What we noticed was that our solution is an easy way to make people money without really pushing the need to look for something. Our users are not looking for cashback, but they are engaging with a product they love and finding deals from time to time.’

Emma plans to empower individuals to live more financially fulfilling lives; the app brings together a customer’s different bank accounts, contracts and credit cards all in one place, allowing the user to keep track of their spending and outgoings. You can set budgets, manage subscriptions and receive notifications for when you’re nearing your overdraft limit.

A year ago the start-up raised £500,000 in seed funding from, inter alia, Kima Ventures, an early investor in Transferwise, and Aglaé Ventures.

For time-poor and cash-strapped millennials, Emma’s Rewards should make it that little bit easier to save money. As Moreni explains: ‘Rewards means users don’t feel like they are hunting for deals, which takes times, and brands have the attention of a direct audience it can promote products to’.

Cashback is a sector ripe for disruption; other than Quidco and TopCashback, one of the few other cashback sites is Boom25, which instead of giving cashback on each purchase, the 25th buyer  receives a full refund for their product, regardless of whether it’s a hairdryer or a holiday.

A whole raft of alternatives are likely to be along soon. Compare money management apps that allow you to budget, track spending and even invest here.

Download Emma on Android and iOS


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