Mespo is a bot that uses Facebook Messenger to analyse transactions for multiple accounts and monitor regular bills. Their algorithms track your finances, helping you to identify how money can be saved, then implementing changes and switch for you. Users can switch their suppliers in one click, with Mespo doing all the switch work for them.
HOW THEY’RE DISRUPTING
Bill suppliers are often banking on the fact consumers don’t have time to switch bills or can’t find better deals, but with Mespo the hard work is done for them. Users are given ongoing insights into spending and saving, which is normally a mundane task. Mespo stay fully impartial by taking 10% of the share of the saving they achieve rather than commissions.
There has been an increasing rise of fintech companies in digital banking, such as Monzo, Atom and Revoult, all offering services outside of traditional banking. However, 10 million households in UK overspend over £20 billion per year on recurring payments, and Mespo could help thousands of people in the UK better manage their finances, better equipping their consumers on how to save money.
INVESTMENTS AND FUTURE
Mespo were part of Startupbootcamp raising £15k in accelerator and recently won awards with TechCity UK for new FinTech.