Ben WoodsEurope Editor
Ben is a technology journalist with a specialism in mobile devices and a geeky love of mobile spectrum issues. Ben used to be a professional Ben is a technology journalist with a specialism in mobile devices and a geeky love of mobile spectrum issues. Ben used to be a professional online poker player. You can contact him via Twitter or on Google+.
Toshl, the startup that wants to help you track all of your personal finance and expenses, is prepping a new version of the app for the Web and iOS that brings a whole new look and feel, as well as a number of new tweaks and features designed to make the platform more sticky with users.
Speaking to TNW today at Finovate Europe, CEO Matic Bitenc told us that the next-gen Toshl app will land for iOS and the Web in Q2 this year, with versions to follow for Android and Windows Phone a little later.
However, where the current version provides a wealth of functionality but few frills, the new version offers a frankly beautiful and engaging take on tracking your personal finances.
Along with changing the whole overall appearance, adding new graphs and filters and generally making it easier and more pleasant to use, the next version includes a whole lot more Toshl monsters. What’s that you say, Toshl monsters?
Toshl Monsters are a friendly way of giving you feedback on your spending habits, but rather than simply saying how much you have spent on a particular item, it shows you how much you spent in comparison to people like you (age, location, etc) and gives you a little monster prompt if you’re getting too far out of line.
This data can also be compared to people in other countries or different demographics, which gives it enormous potential as an additional revenue stream for the company, although Bitenc stresses this isn’t what the company is doing today and any information collected is anonymized and aggregated, so there’s no chance of individual identification.
Toshl isn’t stopping there either. It’s currently in talks to remove the biggest pain point with the app, and any others like it – the data entry. Calorie counters, fitness trackers and personal finance apps all suffer from the same problem; most require manual logging.
However, in future, Toshl hopes to use bank aggregation to automatically populate the app with your spending info, pulled directly from your bank statement. For now though, manual entry is still required.
Toshl operates in an increasingly crowded marketplace, personal finance is a hot topic and while the platform can already boast 1.75 million users, the key to its success will lie in convincing those users to come back and continually use the app, which in turn provides more value for the user too.
With the update I saw today, that challenge just got a little bit easier.
Featured Image Credit – Matt Cardy/Getty Images
Get the TNW newsletter
Get the most important tech news in your inbox each week.