Money Toolkit to Become Free

This is a big and possibly risky decision and one we have not taken lightly, as per the title we have decided to return Money Toolkit to being a free app.

Firstly if you have bought the paid for app, and possibly feel a little annoyed, don’t worry, read on.

As you all know Money Toolkit is still in startup mode. About a year ago I got some amazing financial support from both Fubra and Memiah to make an initial release of Money Toolkit as a free app really to test the water. Then, to find out if this thing had any value worth paying for we re-released with a £2.99 price tag.

What we found out was that some people did value the simple availability of their bank information, enough to pay the fee.

What we also found out was that no where near enough people bought it to make it even close to becoming profitable simply as a paid for app.

So we recently had a discussion to work out what will be for the best for Money Toolkit and all our existing users. So we agreed the following points…

1. We need to work towards a different financial model. Ideas ranged from charging a service fee if we end up helping make great savings for a customer to providing really helpful guidance or suggestions, to presenting highly appropriate offers. Nothing has been decided upon yet, and we will be looking for feedback on this from you, our customers, before we make any changes.

2. We also need to get Money Toolkit to the point where customers will value it highly enough for us to reintroduce some kind of charge or present really valuable money saving offers is going to need more work, and money – so we are in the process of agreeing another round of funding.

3. To help support all of the above we need to get more customers. So we are returning to a free app, and we will continue to focus on releasing the iPhone and iPad app, and of course we need to push ahead supporting more banks.

For all of you who have paid your fee for our app, thank you very much. You have all been brilliant, you have helped shape the future direction of Money Toolkit, and supported me over the last year, and have shown that there is at least some value in what we are doing, and encouraged us to keep going.

Of course we will honour any requests for refunds (perhaps after the next round of funding!), but I really hope the majority will know that they have been an instrumental part of the early Money Toolkit team, and will continue to support us and help Money Toolkit survive to offer an even better product. For us right now every pound is sacred.

We will remember all early paid customers, and will be coming up with some ideas for how we can show you how much we appreciated you taking that leap of faith and investing both your trust and your £2.99.

As always please let us know what you think. You can do that on Getsatisfaction or via our Facebook page or twitter, or the support portal.