Lumio provides a secure platform for couples to track shared expenses and manage finances by connecting over 100 bank and credit card accounts. The app simplifies expense sharing and bill tracking, enabling couples to understand their financial standing and save money without the need for joint accounts.
Funding
$2.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Couples often struggle to track shared expenses and manage their finances effectively, leading to disagreements and a lack of transparency. Existing solutions like manual spreadsheets or generic expense-sharing apps can be cumbersome and fail to provide a comprehensive view of a couple's financial standing. This makes it difficult for couples to coordinate spending, save effectively, and achieve their financial goals together.
Solution
Lumio is a money management application designed to help couples track shared bills, expenses, and savings in a collaborative environment. By connecting to over 100 bank and credit card accounts, Lumio provides a consolidated view of a couple's finances, enabling them to monitor spending, track balances, and manage their net worth as a team. The app simplifies expense sharing by allowing users to easily split bills and set up automatic sharing for recurring expenses. Lumio also offers features for settling IOUs, setting financial goals, and gaining actionable insights into spending habits.
Target Audience
Lumio primarily targets couples seeking a streamlined and collaborative approach to managing their shared finances, regardless of whether they maintain joint accounts.
Features
- Shared space for tracking expenses, bills, balances, and net worth
- Connection to over 100 bank and credit card accounts
- Automated expense splitting and IOU tracking
- Customizable money management cycles (payday-to-payday, date-to-date, month-to-month)
- Spending and balance notifications
- Savings goal setting and tracking
- Offline account integration for tracking the value of owned assets
- Visual and statistical spending and income breakdown by category
- Bank-grade 256-bit TLS encryption and multi-factor authentication