Eight years after launching, Money Dashboard, a free personal finance management app, now has more than 450,000 registered users and more than one million connected bank accounts.

Since its release, the award winning app has analysed more than 366 million transactions totalling more than £33 billion in value from a combination of online current accounts, savings accounts and credit cards.

The company earns its revenue by selling anonymised market data to other companies, which means the app is free for users.

Housed in Codebase, the UK’s largest technology incubator, last year the firm has raised more than one million in crowdfunding through CrowdCube – exceeding its target goal.

This year the company won the prestigious accolade of Best Personal Finance App in the British Banking Awards 2018. Recently, the fintech firm announced it had teamed up with mobile-only bank Monzo and digital challenger bank Starling.

Thanks to this partnership, Monzo’s account holders are able to link their spending details into their Money Dashboard app to help them instantly set budgets and plan for the future.

Apps Popularity is a Sign of Changing Consumer Habits

Steve Tigar, Money Dashboard’s CEO, said the app’s popularity is a sign that the consumer personal finance habits are changing for the better.

He said: “People want more from their bank now than ever before, and Open Banking is driving that change. We are entering an era where people want to do more than simply arrange payments and withdrawals, they want to manage their budgets, save up for important life events and stay out of the debt trap.

“Surpassing one million connected accounts is a tremendous achievement for Money Dashboard and testament to how useful our users feel our app is, but we are determined to keep adding functionality so we can help even more people get on top of their finances.”