Balancion, the Finnish personal finance management tool, has launched a new 1.5 version of their service. Jussi Muurikainen, CEO, states that this is the biggest release since coming out and with this service they aim to target the larger masses in Finland. With the new version comes a ton of new features as well as a security certificate from Nixu.
I had a chat with Jussi Muurikainen about the changes and he said that they’ve been working very hard since their spring launch of their service, then in beta. He stated that it may have seen to many that they have not been able to improve the site, when they’ve actually been working on it behind the curtains continuously.
One of the new features in the 1.5 version is “goals”. You can define different goals you’d like to save against, be it a holiday, a new home electronics device or what not. You’ll be able to see the real time development towards these goals and make the process of saving a little more interesting.
A screenshot showing the saving target in Balancion.
Balancion is still priced very moderately at 48 euros for a 12-month period. Shorter usage periods of 3 months goes for 18 euros and a 6 month period for 28 euros. Muurikainen also told me they have a very high conversion rate from free users to paid users. After the free period (all new users will get one week of free usage) will be over for the newly launched 1.5 version, it will be interesting to see what the change regarding this is.
One of Balancion’s Nordic competitors, Meniga.is, is enabling 5,6% of Icelandic households to manage their finances. There is definitely a growing interest towards services such as Balancion and Meniga. The coming year will show how well they’re able pitch their value proposition for the consumers. One of the key advantages for Balancion and Meniga is that they’re able to understand their home markets a lot better than their American counterparts (also the integrations to local banks don’t usually work) and thus they’re in a naturally sweeter spot for the consumers to start using their services instead of US alternatives.