Moneytree says the newly launched app is a paid upgrade to its free mobile app, which helps users to link and see all their financial accounts – including current bank accounts, savings, credit cards, super, brokerage accounts, public transport cards and loyalty points – all in one place.

Moneytree lists features of the new app as:

• Budget by Category: Take control of your spending by setting a monthly budget for all your important spending categories and receive notifications.
• Daily Background Updates: Your information gets updated daily in the background (whether you open the app or not) keeping your information always up to date.
• Data Export: Download your transactions, by account or across all accounts, to an Excel or CSV file to better understand your cash flow.
• Monthly Report: Coming soon is a monthly snapshot summary of your spending along with the breakdown of spending by category.

Paul Chapman, chief executive and founder of Moneytree, said: “We are evolving our app to deliver what Australian users have been increasingly asking from us, a tool that sits on top of our existing, free financial data aggregation service to help them control their spend, and make real financial progress.

“We’ve been excited to see users engage with our app since we launched in Australia in 2017.

“Now, with open banking just around the corner, we are starting to make some big changes.

“A great starting point to improve your financial well-being is to really understand what you’re spending money on. With more and more people cherry-picking the best credit cards and bank accounts, you’ll be better off with an automated tool like Moneytree Grow to help you successfully steer the course.”

Users of the Moneytree app can also customise their spending cycle to have it start at any point in the month, for example, to make it coincide with their payday.

The Moneytree Grow update is now available for iOS, with the paid version priced at $4.49 per month or with a 12% discount for annual subscribers.