A company set up to provide affordable financial advice is offering an app which is tailored to Scotland’s tax and benefits system.
Count Finance is the UK’s only app regulated by the Financial Conduct Authority to give fully automated, personalised financial advice.
Crucially, it says it is “not a generic UK product switched on for a new postcode. It’s built for here.”
It has rebuilt its advice engine specifically for Scottish residents, taking account of the country’s distinct income tax bands, benefits and allowances.
“Every financial advice app on the market has treated Scottish users as if they lived in England,” says the company, which has also designed it to reach those on minimal budgets.
“We believe everyone deserves access to quality financial advice, not just those who can afford expensive advisers,” it says.
The founding team at the London-based company has backgrounds in growth equity, private equity, management consultancy, structured credit, and fintech engineering.
It raised £850,000 in seed funding and now has more than £14 million in assets under advice.
Director Laura Cornely believes it will appeal to the younger generation. She said in a recent interview: “Of course there will always be people that want to speak to [an adviser] and if you come with a lot of assets, you should probably speak to [an adviser] because they can help you with shielding from tax in a way that we don’t.
“However, the younger generation actually prefer to have everything on their phone. I myself feel more comfortable about using something that is fully automated.:”
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