Finance

Baking a Better Financial Future: Biscuit's Quest to Simplify Money Management

Biscuit: A user-centric financial management platform born from necessity, aiming to simplify and automate personal finance tasks

A new startup is rising to the challenge of transforming how we manage our money. 

Biscuit, co-founded by Mykyta, aims to simplify financial organisation with an easy-to-use, all-in-one platform.

The Birth of Biscuit

Born out of personal necessity during the tumultuous events of Russia's invasion of Ukraine, Mykyta found himself navigating a maze of banks, currencies, and financial solutions as he was forced to relocate multiple times.

Frustrated by the lack of a comprehensive tool to consolidate his assets, he teamed up with his partner, leveraging their collective expertise in product design and data science to craft a solution.

"Existing financial management tools are either too complicated, lacking in intelligence, or stuck in outdated methods like spreadsheets," Mykyta explains. "They're often too late in alerting you when funds are low, and they don't remember your spending patterns. We wanted to create something that would proactively ensure users stay aligned with their financial goals without any manual work."

Biscuit aims to make finances more straightforward.

Biscuit's Value Proposition and Vision

Biscuit's value proposition is simple yet revolutionary: connect your bank accounts, set your desired budget, and let the platform do the heavy lifting. With advanced technology, Biscuit consolidates all your expenses, categorises them intelligently, and sends you timely updates to keep you on track. 

No more juggling multiple apps, uploading transactions, or wrestling with currency conversions – Biscuit promises a streamlined experience tailored for the user that expects as much.

But building such an ambitious product hasn't been without its challenges. 

"We're consistently juggling two priorities: ensuring a seamless user experience while overcoming technical limitations to effectively interpret data, all without sacrificing performance," Mykyta admits. "It's a constant process of iteration, improvement, and refinement to shape the scope just right."

Bootstrapping their way to success, Mykyta and his team have chosen to forgo external investment, valuing independence and the ability to collaborate directly with their users. 

"Investors often prioritise profit over the product's value," he explains. "We want to stay true to our users and the problem we're solving, especially with something as sensitive as financial data."

The Future

Looking ahead, Biscuit's vision is ambitious yet well-defined, with four core milestones: automation to eliminate manual work, intelligent and proactive features, alignment with long-term financial goals, and comprehensive knowledge to answer any question related to a user's assets. 

From saving strategies to affordability assessments and detailed spending analyses, Biscuit aims to become the ultimate financial concierge.

As the personal finance landscape continues to evolve, startups like Biscuit are poised to lead the charge, leveraging technology to simplify the complexities of money management.

With a user-centric approach and a commitment to outstanding design, Biscuit's journey is one to watch closely, promising a future where financial organisation is as effortless as enjoying a freshly baked biscuit.

You can find out more by heading to biscuit.so.

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