The world economy as well as the Spanish economy, are currently going through a fairly complicated situation where it is facing, not only the consequences left by Pandemia by COVID-19 lived in 2020, but also the current consequences of the war between Russia and Ukraine. In Spain, according to the latest data granted by the National Institute of Statistics (INE), “the savings rate of Spanish households between July and September last year was 3.7%, percentage 1.2 points lower than that registered in the same period of 2020”. Something that consequently has been aggravated by the increase in the inflation rate that at the beginning of the year was 6% and has almost almost doubled its percentage.
Based on these difficulties, Spanish Fintech Woolsocks has invested more than 100 million euros to help people organize their money in a much smarter way, although this plan is currently in the beta phase. This is a Fintech led by Niels Klok and Jasper Anderluh, former founders of Degiro. This new Fintech is a free app that allows its members to manage and achieve their financial objectives helping them to cancel subscriptions that do not use in order to benefit from the rewards for the purchases they make in the adhered brands.
Niels Klok, one of the founders of Woolsocks, comments on the following “we believe that everyone deserves the type of freedom that is obtained by controlling their finances. That is why we did Woolsocks. We want to help people have a clear vision of their money, pay less when they buy, save for their dreams and support the causes that care most.”
Save money while contributing to solidarity causes
The users of this app can connect all your bank accounts in order to see all the income and expenses that they have, all in one place where you can organize all this by clear categories with the expense statistics, in this way users can know exactly everything they spend monthly on trips, food, entertainment, and much more, this with the main objective that users can intelligently manage all their daily and monthly expenses.
Carlos Valenzuela, CEO of Woolsock, comments on the following “Everyone wants to do good, but not everyone knows where to start, and adapt donations to their monetary routine can be complicated. That is why we have devised a form of low pressure and low effort so that Woolsocks users begin to support beneficial causes.”
With this Woolsocks not only helps people to administer their money, but also gives them the opportunity to allocate their extra profits to beneficial causes, this app allows users to donate to beneficial organizations a part of their rewards easy and quickly, this being a point that has caught the attention of many users and investors.