New data from App Radar shows that new users of money management apps on Android devices has increased 46%.
In brief:
App Radar says apps with a “money management facility” have gained over 6mn new Android users in H1 2022 – this is a 46% rise from the same period in 2021.
The most popular apps are Revolut, Monzo and Monese – which recently saw investment from HSBC.
In total around 10% of Europeans use apps with a money management functionality.
What does this mean?
Although apps with some functionality proves popular there has also been an uptick in downloads of those apps with a purer “money management” or budgeting focus, such as Plum, Snoop and Moneybox. Apps like Money Supermarket, Confused and Raisin which help users compare prices have also added new users. This reflects an increasing interest in tracking spending and managing budgets as customer experience the rising cost of living. It also points to a competitive FinTech market offering solutions.
