PFM downturn continues as Status Money closes down
Personal finance app Status Money is to shut its doors for the final time on 10 November, and will transition remaining member accounts to Quicken’s online budgeting tool Simplifi.
Personal finance app Status Money to close
Founded in 2016 by former Citi and Goldman Sachs bankers Majd Maksad and Korash Hernandez, New York-based Status Money angled itself as a social personal finance management (PFM) service that, among its most distinguishing features, enabled users to anonymously compare their finances to those of their peers.
The company gradually introduced a wider set of services following its commercial launch in late 2017. Two years later, it partnered with the money transfer system Dwolla to enable cash rewards for its members, in 2020 it unveiled a financial advisory service for $20 per month, and in 2021 came together with embedded finance provider Railsbank to launch a cashback credit card that invests rewards in cryptocurrency.
However, as stated on its website this week, “we will be transitioning our member accounts, including yours, over to Quicken Simplifi” and “the Status Money website and app will no longer be accessible”.
The notice also confirms that the app’s rewards programme “is terminated effective immediately”.
Customers are being assured that their credentials can be used to access the Simplifi budgeting tool, which includes features such as customised spending plans and saving goals.
While the company has failed to enclose the exact cause of this decision, it runs parallel to similar blows served to the PFM sector recently.
Status Money’s closure comes just days after US financial software provider Intuit announced that it was folding its personal finance management subsidiary Mint, which like Status Money, will transfer its entire user base to Credit Karma.
