WallyGPT: The Intelligent Personal Finance App Revolutionizing Global Money Management
Managing personal finances can often be a daunting and time-consuming task. Tracking expenses, setting financial goals, and keeping tabs on net worth can be overwhelming, especially with numerous credit cards, loans, bills, and complex financial systems to navigate. Recognizing this challenge, brothers Saeid and Sami Hejazi set out to create a solution that would simplify and automate the financial management process for individuals worldwide.
Before the founding of Wally, Saeid Hejazi had developed the habit of manually tracking his finances on Excel after his online retail start-up Nahel was acquired by Aramex, the Middle East’s largest courier company, in 2013. The process of copy-pasting data from bank PDF exports and categorizing it on his own was frustrating and tedious. This experience led him to realize the need for a better solution not just for himself but also for countless others facing the same challenges.
In 2014, Saeid Hejazi and his brother Sami founded Wally, a personal finance app designed to help people worldwide track and manage their finances more efficiently. The app, which connects with 15,000 banks from 70 countries, provides users with a single platform to automatically track their net worth, spending habits, and financial goals.
Wally helps the overbanked take back control of their finances and start making progress toward their goals, says Saeid Hejazi. The app offers a comprehensive solution for individuals who struggle with multiple credit cards, loans, and bills, providing them with an easy-to-use interface to set a plan and monitor their progress.
The importance of personal financial management has been further underscored by the Covid-19 pandemic, which has brought widespread concern about saving, building emergency funds, and ensuring sufficient retirement funds. According to a study by National Bonds, more than eight in 10 savers in the UAE believe it is crucial to have an emergency fund to survive difficult economic times. Additionally, a survey by Friends Provident International found that 45% of UAE residents have yet to start saving for their retirement.
While Wally initially required manual tracking of finances before the era of open banking, the app incorporated aspects of machine learning even back then. However, in 2020, the co-founders launched Wally 3.0, allowing users to connect their bank accounts and automate the tracking process. Over time, the app expanded its reach to include 15,000 banks from 70 countries.
This year, Wally introduced version 4 of its app, named WallyGPT, the world’s first generative AI personal finance tool available in 70 countries. Built from the ground up using machine learning and artificial intelligence, WallyGPT takes personal finance management to new heights. With WallyGPT, users can go beyond standard charts and tables to research, set, and track their financial goals. The app can provide investment guidance, discover financial services, and even help plan specific events such as weddings.
For instance, a young person planning to get married soon can use WallyGPT to gain clarity on their current net worth, research the costs of weddings worldwide, set a savings plan, track its progress, and receive investment recommendations to reach their goal faster. The app can even suggest credit cards that offer rewards for wedding travel expenses. WallyGPT’s benefits are hyper-personalized, instant, tailored, and intelligent, bringing it closer to being a super app for finance.
WallyGPT utilizes advanced conversational features that enable users to ask complex questions about their finances, investments, savings, and more. With a user’s consent, the app connects to their bank accounts and provides intelligent answers and insights, making financial management an effortless and seamless experience.
The app is currently available in the UAE and Saudi Arabia, with plans to expand further. Its top five markets by active users include the US, India, Singapore, the UAE, and the UK. WallyGPT aims to grow its user base in these markets by offering autopilot functionalities. The app plans to introduce features such as debt reconciliation and portfolio balancing based on asset performance to help users save money and optimize their investments.
WallyGPT is free to use and generates revenue by providing services for researching and discovering new financial products, optimizing investments, and managing debt effectively. The company prioritizes data privacy and has signed a data privacy addendum with OpenAI, the creator of ChatGPT, ensuring that user data shared with them is not used for training and is deleted within 30 days. WallyGPT does not share any personally identifiable user data, ensuring a secure and trusted experience for its users.
Compared to human financial advisors, WallyGPT offers several unique advantages. While traditional financial advisors typically cater to affluent individuals with significant assets, WallyGPT is accessible to all and provides tailored, instant, and intelligent answers. The app offers comprehensive financial management, including passive investing, helping users optimize their entire financial journey.
With a team of 20 dedicated professionals, primarily developers, WallyGPT continues to innovate and perfect its offering. The company has raised $7.1 million across angel and pre-seed funding rounds and plans to raise a seed round in the near future. While fundraising remains a significant challenge, the team remains focused on building a platform that revolutionizes personal finance management for hundreds of millions of users worldwide.
Saeid Hejazi acknowledges the support and inspiration provided by his father, who instilled resilience and the determination to keep moving forward, regardless of the circumstances. This invaluable life lesson has enabled the Hejazi brothers to navigate the challenges of building a successful business.
The ultimate goal of WallyGPT is to provide a passive and automated solution that empowers users worldwide to make smarter financial decisions without stress or hassle. By leveraging the power of machine learning and AI, WallyGPT aims to reduce financial stress and empower individuals to achieve their goals with greater speed and intelligence.
Managing personal finances can be complex and overwhelming, but WallyGPT aims to simplify and automate the process, putting the power of intelligent financial management in the hands of millions. With the app’s innovative features and user-centric approach, WallyGPT is set to transform the way people worldwide track and manage their finances, helping them achieve their financial aspirations and secure a brighter future.