Nova Money Planner - Q&A

Hi everyone, my name is Sam and I co-founded Nova Money to democratise something called financial planning.

Nova is the world’s first AI Goal Planner where you can set any goal and let the AI tell when you can reach them, how to prioritise them and calculate your monthly budget.

The app is also an education platform to learn the basics of what’s financial planning, how to budget, how to analyse your transactions…

And we just finalised the support of Monzo pots :partying_face: So you can plan/prioritise all the goals created in Monzo.

I’m here to answer all your questions.

3 Likes

And this costs £5 a month?

2 Likes

Nope, you can use it completely free! Then it’s possible to upgrade the AI for just £2.99/m.

2 Likes

Hello!

What’s the difference between the URL you posted (https://novamoney.app.link/monzo) and your standard website (https://novamoney.com/)? Are you tracking page impressions or something? :eyes:

Also: do tell us about the app and what it does - preferably in plain language (I’m a simple chap!). Perhaps some examples might help?

4 Likes

Website is light on details, I’m not downloading something just to be able to check it out. You need to flesh that out for a start.

There’s no mention of having to pay for an “AI” on the main webpage either.

1 Like

Hi Peter,

It’s a smart link which opens the website on desktop, the app store page from iPhone and the Google Play from Android.

The way it works is simple:

  • You set financial goals
  • You connect your accounts through Open Banking in Read-Only (we are FCA registered)
  • Nova identifies your income, bills, variable expenses and works out when you can afford your goals. You can either pick the recommended date or customise it
  • the more goals you add, the higher your monthly saving requirements
  • You get a warning if your saving requirement exceeds your saving capacity. You can either replan a goal for later or delete it for now
  • Then Nova calculates your monthly budget so you can meet your monthly saving requirements
  • If you overspend, you can see the impact on your goals. You can either replan them or save more next month

Hope it makes sense!

For me, personally, there are just a few too many photos of the CEO on the homepage. I’m not looking to date, or to hire, so why do I need to see/know so much about them? I would say the same if Tim Apple felt that he was more important than the iPhone and decided to plaster himself all over apple.com

Also, the website isn’t quite convincing enough to give you all my financial data

If it can identify what my committed spend is vs my discretionary spend, like on one of the screenshots, that is a great thing for me. I don’t want to know how much I spend on a billion arbitrary categories as I generally think I am good on not spending where I don’t have to. But I recently wanted to break down what my committed spending and discretionary spending are, and how much money I have left each month. That it seems like it could help with – but I wouldn’t have much more use beyond that. And can I trust it’s categorisation? Usually all these sorts of apps fail for me

2 Likes

Hi Dave,

Nova is a freemium app, you can use it for free or upgrade it later.

We made a short video on how to set goals with Nova How to Set Financial Goals with Nova - YouTube

Let me know what you think.

2 Likes

Hi ndrw,

Yes Nova analyses all your expenses and splits them between recurring costs and variable costs.

The default categorisation isn’t perfect, but you can edit it, apply it to all similar transactions which will teach the AI how to categorise it going forward. So the more you use it, the better it gets.

I wish we had the Monzo categorisation through Open Banking… Maybe one day :smiley:.

Good luck to her getting a mortgage on a £500,000 house with a 5% deposit. Had to laugh at the example :sweat_smile:

Yeah don’t think it’ll be an app I need to use in all honesty though, I definitely don’t fit the use case for this.

2 Likes

Main page:

In case you’re wondering, we make money through all our users who upgrade the AI of Nova.

FAQ section: Is it free?

Nova will be free for all Alpha testers

You:

How does one *upgrade* an AI?

It’s all just a bit opaque for me.

Hi tbutz, sorry the FAQ page needs an update :sweat_smile:

Monzo is a free product, that can be upgraded to Monzo Plus if you want. Same for Nova.
Does that clarify things?

2 Likes

Right so where’s your actual money coming from, who’s backing you in the background.

This makes no sense, why would anyone pay for this when it’s totally free already, from what I gather paying gives nothing else. I’ve not seen a real explanation which clarifies any of this do far.

Also I noticed on Companies House you’ve renamed / rebranded 4 times now. What did each of those companies back then do, have you always been doing this or was it different products and services with each rebrand?

2 Likes

@DaveJ, Nova is a freemium app, just like Monzo, Spotify and many consumer products.

A freemium product offers a base service for free, and advanced features when upgrading to a paid plan.

The paid plan of Nova includes advanced analytics, more stats, an extra AI personality, multi-currency support, unlimited history, priority support, etc… And more to come.

Since you seem interested in our history, the company was pursuing other activities, was renamed to Cash Coach in 2019, then in 2020 we raised funding on crowdcube to gamify personal finance.

This year, we decided to pivot the business to financial planning and rebranded to Nova.

And here we are, we just released the first version of goal planning.

2 Likes

Somehow every comment in this thread just throws up another :triangular_flag_on_post: for me. My latest criticism is the millennial-bashing holier than thou blurb on crowdcube. If you’re targeting a particular demographic, it’s best not to talk down on them :+1:

And how do paid tiers improve saving performance? Does the AI find all those pound coins that slipped down between the couch cushions? I think this is all still very light on detail

1 Like

I want to help people who want to learn about personal finance, get out of debt, develop good habits, start investing…

Some users need better analytics to realise how they’re spending their money, some users need a little push to be motivated… everyone is different.

So I get it, you’re not interested. But please stop the passive aggressive tone, because we’re trying to help people who want to be better off with their money.

2 Likes

In the video Nova calculates that they have £500 per month free.

Why would anyone want to set a goal for the full amount, or even increase it to £1,000 like they did in the example?

What is the smart stuff that it does? In the video it just knows what your average remaining balance is after all your expenditure and then divides this by whatever date and goal amount you set. Or does more stuff happen?

3 Likes

This should really be mentioned somewhere. I presume you’d get this info if you have the app and there’s a path/option for upgrade, but aside from that (and this thread), how would you know? It’s not on your website. I suspect many would take it up purely on the multi-currency aspect alone.

2 Likes

You’re preaching to the choir.

You’re on a banking forum. It’s pretty obvious we already know what you’re trying to sell and can do without it.

Also, while you’re trying to promote and sell your business, it’s probably a good idea not to bite at the first sign of criticism.

This isn’t just you that’s doing it, but I hate this “we changed our name, we pivoted” basically reads as rich boys spending someone elses money until they find something that sticks because they don’t want a real job.

1 Like