Financial Wellness App Flamingo Launches in Australia

A new financial wellness app called Flamingo Tech has launched in Australia, promising to turn “financial dreams into a reality”.

Flamingo touts itself as a personalised financial management (PFM) platform that helps users manage their finances and set savings goals.

Flamingo CEO Sana Tayyab says: “We are here to equilibrate financial wellbeing. It’s important that we recognise that the consumer expects more from their purchase than the simple purchase of products or services.”

Flamingo will allow users to set monthly savings goals, create emergency funds and track their income and outgoing expenses.

The app divides a user’s income into budget and goals and, through monitoring expenses, is able to recommend the user with basic financial planning.

Flamingo will also mark any savings in the “unallocated category”, allowing the user to assign a purpose to every dollar they spend. The app also provides a savings forecast and helps users stay within their expense budget.

Forecasting tools also allow users to see “how their small decisions today can have significant long-term impacts” on their financial situation.

And to keep an eye on their financial health, users are given access to their FICO credit score.

Flamingo says more than 13 million Australians are without a financial back-up plan or emergency savings and 31% reported being under financial stress.