A Fintech Wants to Do All of Your Grocery Shopping While Making You Healthier and Wealthier
Spenderlog nudges consumers to buy items that help them spend money smarter while simultaneously achieving personal health goals, and the team sees significant potential for making all shopping experiences more convenient through fintech focused on creating fully automated grocery shopping.
You are what you eat – at least according to the founders of Spenderlog, who have the data to prove it. Moreover, think about it: How much information does your grocery shopping reveal about your spending habits? It creates consumer patterns that tell a lot about how conscious you are of your wealth and health – and about a sustainable society as well.
Based on artificial intelligence, the Copenhagen based startup Spenderlog not only provides a shopping list, but also shows you detailed insights regarding your purchases, and the app helps you set personal goals to achieve either a better lifestyle or save more money. Spenderlog reads your receipt from the supermarket, while the artificial intelligence recognises the items purchased and translates them into patterns of behaviour, helping you make better decisions.
“Where banks have PFM (personal financial management) tools, which only give you the total cost of what you spend on groceries, we break it down by each item and how it’s composed. The app then shows you the specific areas where you can cut costs without a significant loss of well-being. You can also see how your spending compares to other people, which gives you insight on whether or not you’re living healthier than most people,” says Camilla Kerlauge, CEO and founder of Spenderlog.
Whether you’d like to be healthier or save money, Spenderlog is your true companion, according to Kerlauge:
“While you might not be able to control your rent or utility bill, spending at the grocery store is in your full control. So we believe this is often where you can make the most impact on your budget and your life.”
Fintech should provide convenience and efficiency
Fintech is often seen as a tool for saving money, but saving time in our lives is just as important. Thus, fintech is now bringing improved user experiences and decisions closer to the consumer and, to some extent, greatly improving your financial options. We’re likely to see far more technologies and apps in the coming years that not only do that, but that also make our lives dramatically easier.
“I believe there’s still much opportunity in the area of convenience out there. There’s a huge potential in online shopping, and you can add a lot more convenience and relevance to that journey than we have today,” says Camilla.
While AI is a complex tool, it can be implemented merely to provide a lot of added relevance throughout any consumer experience. “AI is just a tool for handling data and processes more intelligently, and it’s going to be a bigger part of our toolbox moving forward. As long as we’re cautious, it can be used effectively as a powerful tool for achieving relevance in any consumer interaction.”
Camilla Kerlauge and Maria Flyvbjerg Bo are the founders of the Spenderlog. Camilla got the idea for Spenderlog during her nearly 20 years in the financial sector. In 2017, she left her job as Head of Data & Analytics at Nordea to pursue the idea.
Maria Flyvbjerg Bo, serial entrepreneur and co-founder of Hufsy and Nest Copenhagen, brings a strong focus on users and commercialisation.
“The vision is to create a fully automated shopping experience where the goods you need are delivered directly to the door when you need them. At Spenderlog, data and technology are put into play to enable the user to take control of your consumption and achieve your personal goals,” says Maria Flyvbjerg Bo, CXO & co-founder of Spenderlog.
Spenderlog is live in Denmark, and with more than 10.000 downloads, the app is growing steadily. During the first year of the app, they were very much focused on making the AI perform; now, they’re focusing on expanding and building more services for users. The company is currently raising money to support further growth in Denmark and to expand to one or two new markets in the year to come.