LOS ANGELES Moneyworks, a startup that's preparing to roll out its personal financial management app, took home the $10,000 prize in a financial innovation contest Friday.
The company's app is designed to provide consumers with a focused plan for how to pay down their debt. It tells them how much cash they have left each week for discretionary purchases.
"If I want to achieve my financial goal, this is all I need to do, the one action I need to take," Moneyworks co-founder Ben Weiss told an audience Friday at a conference focused on innovation in consumer financial services, which was co-sponsored by American Banker.
The Moneyworks app has been touted as an improvement on certain earlier personal financial management tools because it goes further to influence consumers' spending patterns.
Moneyworks plans to launch its app on July 1, according to Weiss.
The contest was sponsored by Core Venture Capital, a firm that invests in financial startups.
The three other finalists were: Dealstruck, an online platform that links investors with small businesses looking to borrow; Blossom, a mobile Bitcoin wallet that allows users to purchase the digital currency quickly using a credit card or mobile phone; and Entrepreneurial Finance Lab, which has developed a psychometric test for consumers in developing countries that lenders can use to evaluate their credit risk.