Strands makes a dent in PFM for large banks - ING is newest client
Create a vendor selection project & run comparison reports
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
moneyStrands is an online PFM tool that is available to consumers online. While moneyStrands offers a slick, easy-to-use site, it is but one of many players battling in the crowded PFM space. Its largest differentiator is that it boasts BBVA as a client (BBVA also invested US$24 million in the firm in December 2007). This large bank client is a great jumping off point for the firm to market its offering to other banks looking for a PFM tool. This has apparently payed dividends as on June 30th, Strands announced that it has signed up ING in the Netherlands. The offering is currently in private beta at ING. This is clearly a major win for the firm. My first experience with Strands' moneyStrands product was at the Finovate Startup conference in late April (see blog entry). Strands has also been profiled in our recently published report, Financial Technology Startups: Giving Banks a Run for Their Money.