On Thursday, the New York-based startup said that its app, which includes a money management platform as well as finance-related articles, is ready for download in Apple’s App store.
From the passcode-protected app, users can log into a pre-existing account or easily set up a new account that connects with credit cards and bank accounts to track spending, manage transactions and view their overall financial position and progress toward goals.
The service automatically labels some purchases made by credit card and check (into folders for “health,” “utilities,” etc.) but from the mobile app, users can quickly add and label cash transactions to help with budgeting. Users can also categorize the transactions that LearnVest was not able to automatically sort and re-label incorrectly categorized transactions. Over time, the platform learns and labels similar future purchases accordingly.
The millions of people who already use Mint to manage their finances may already feel like their needs are met, but LearnVest’s bet is that by combining a comprehensive, colorful and cleanly-designed online money management platform with an offline network of available Certified Financial Planners it can not only compete with Mint but with the larger financial planning industry.
Last month, in addition to updating its platform and rolling out a suite of new CFP packages, the company announced that it had become an SEC-Registered Investment Advisor (RIA).
It’s all part of CEO and founder Alexa von Tobel’s goal of making financial planning a consumer product, not a luxury. As she has told me previously, “Making a financial plan should be like getting a gym membership.”
Since launching in 2009, LearnVest has raised $24.5 million and, as of last month, said it receives about 800,0000 unique visitors each month and has quadrupled the number of using its money management center.