UK-based finance app Cheddar has launched a free spend tracker to enable users to gain insights into their spending habits.
Cheddar has claimed that its new tool offers more than 98% accuracy in categorising transactions and that other existing apps often have “poor categorisation accuracy”, with transactions categorised as ‘general’ or ‘other’.
Users of Cheddar will be able to allocate funds to upcoming purchases with a “prepaid format” that aims to help individuals maintain budgets and track their spending.
Having started out as a peer-to-peer payments app, Cheddar is now a rewards platform that uses Open Banking technology to enable users to save money by linking their bank accounts to enable them to access personalised cashback offers from more than 100 brands.
The cashback offers are “precisely tailored” to individual spending habits, according to Cheddar.
“Understanding where your money goes is crucial in managing your finances effectively,” said Tariq Zaid, chief executive officer and co-founder of Cheddar.
“With our spend tracker, users can finally trust that their transactions are accurately categorised, providing a comprehensive view of their financial health.”
The Cheddar app holds both account information and payment initiation permissions.
Luke Ladyman, chief operating officer and co-founder of Cheddar, added: “Our tool empowers users by giving them precise insights into their cash position and spending patterns, helping them spend less on non-essentials and make informed decisions to establish and achieve their financial goals.”