OVAL MONEY SEES GROWTH IN USER SAVINGS AND PLANS TO INTEGRATE WITH TWITTER: Customers of Oval Money, a UK-based saving and financial education app, now save £130 ($173) per month, on average, via the platform, up from £63 ($84) at the time of its launch a year ago. This equals an annual jump in savings from £756 ($1,004) to £1,560 ($2,071), per customer. Oval Money attributes this steep increase to its integration with Facebook in October 2017, which allowed users to opt to automatically save money whenever they post on the social media platform.
It now wants to integrate with more social media platforms, including Twitter. People are often active on more than one social media sites, so this move could drive users to save even more money via the platform. This would also help Oval Money better reach those who aren’t on Facebook. We expect the company will continue to see users’ savings increase, and more will likely choose to use Oval Money as it integrates with more social media platforms. Many other personal finance management (PFM) companies are focusing on changing spending and saving habits, but few are tapping social media for this, meaning that Oval Money likely isn’t facing much competition as of yet.