Banking: Landscape, Pt. 2

Part
01
of four
Part
01

Banking: Consumers Advocate, Simple Dollar, MoneyUnder30

Full details for Consumers Advocate, The Simple Dollar and MoneyUnder30 have been provided in rows 9-11 on the BANKING tab of the attached spreadsheet. All these companies offer some of their banking services and products for free.

Key findings

  • Apart from the fact that The Simple Dollar (TSD) is hiring, there seems to be no other information publicly available online that could suggest any expansion planned by the brand.
  • The Simple Dollar provides resources such as articles, reviews, and rankings to financial products for free. However, the brand receives referral and endorsement fees from some financial products they write about.
  • Both Simple Dollar and ConsumersAdvocate.org have not announced any plans to expand into new categories and products or disclosed any specific strategic initiatives.
  • None of the companies disclosed they have received funding. MoneyUnder30 and The Simple Dollar were acquired by XL Media and Red Ventures, respectively.
  • The companies engage clients through their official website by providing them the ability to compare banks and banking products using their website. They do not offer any mobile app or API options to engage with customers.

Research Strategy

Consumers Advocate, The Simple Dollar and MoneyUnder30 have not publicly disclosed any funding history, strategic initiatives, and upcoming plans to expand into new categories or products. We were unable to find relevant information after exhaustive screening through annual reports, press releases, acquisition histories, and interviews of management for both companies. However, we found that Consumers Advocate in 2020 successfully launched in 18 new categories, including auto insurance and home security, increasing their reach by over 40%. We also referred to funding and acquisition databases such as Crunchbase, craft, and Dealroom to confirm funding information for the organizations. We found through this search that MoneyUnder30 and The Simple Dollar have been acquired by XLMedia and Red Ventures respectively. Considering these companies do not generate revenue from lending operations but through advertising and referral fees, it is possible that they do not require venture capital funding. We've also verified that all companies do not publish any APIs to engage with their customers by conducting a thorough search on their websites.
Part
02
of four
Part
02

Banking: MoneyCrashers, DepositAccounts

Full details for MoneyCrashers and DepositAccounts have been provided in rows 12-13 on the BANKING tab of the attached spreadsheet. DepositAccounts was acquired by lending trees on the 15 of June 2017 for $33,000,000.

Key Findings

  • MoneyCrashers uses its website to engage with clients by incorporating a total of 61 technologies on its websites include Viewport Meta, IPhone / Mobile Compatible, and SSL by Default. The company does not offer any API to customers or mobile apps.
  • DepositAccounts uses its website to engage with clients by incorporating a total of 25 technologies on its website, including 15 technologies such as Viewport Meta, Iphone / Mobile Compatible, and SSL by Default.
  • The key differentiators of DepositAccount include its high viewership of around 1.4 million visitors per month, and its popularity with industry experts.
  • DepositAccounts did not disclose its funding. The company was acquired by Lending Trees on the 15 of June 2017 for $33,000,000.
  • DepositAccounts has not disclosed any expansion plans. However, LendingTree, its parent company, revealed its plans to expand to Charlotte, North Carolina, which will create about 436 new jobs by the end of 2023.

Research strategy

After researching for relevant information form annual reports, press releases, acquisition histories, and interviews of management for both companies, the team found that neither company has publicly disclosed any funding history, strategic initiatives, or upcoming plans to expand into new categories or products. We also referred to funding and acquisition databases, such as Crunchbase, Craft, and Pitchbook to confirm funding information for the organizations. We've also verified that all companies do not publish any APIs to engage with their customers by conducting a thorough search on their websites.
Part
03
of four
Part
03

Banking: Magnify Money, GoBankingRates

Magnify Money and GOBankingRates provide their customers with banking content and comparisons free. Full details may be found in the attached spreadsheet.

The Comparison

  • GOBankingRates has partnered with media, such as MSN Money, Yahoo Finance, Time Money, AOL, Forbes, The Street, CBS News, Motley Fool, and CNBC to offer its banking and personal finance related content to consumers free of charge. However, the company has not made any future strategic initiatives available online.
  • MagnifyMoney has not disclosed any expansion plans. However, LendingTree, its parent company, revealed its plans to expand its headquarters in Charlotte, North Carolina resulting in creating about 436 new jobs by the end of 2023.
  • Magnify Money uses its website to engage with clients, including 23 technologies, such as SPF, WordPress, and Wordpress Plugins.
  • In 2018, GOBankingRates had a higher viewership of about 359 million monthly visitors representing a 203 percent annual increase in website page views. And, the availability of several "on-site financial experts who work together to create content that’s accurate, impartial and up to date," are some key differentiators.
  • GOBankingRates uses its website to engage with clients by incorporating a total of 25 technologies on its website, including Viewport Meta, being iPhone and mobile compatible, and SSL by Default.

Research strategy

Neither company has publicly disclosed any funding history, strategic initiatives, or upcoming plans to expand into new categories or products. Research for relevant information included annual reports, press releases, acquisition histories, and interviews of management for both companies. We also referred to funding and acquisition databases, such as Crunchbase, craft, and Pitchbook, to confirm funding information for the organizations. We've also verified that all companies do not publish any APIs to engage with their customers by conducting a thorough search on their websites.


Part
04
of four
Part
04

Banking: MyBankTracker, SavingsAccounts

MyBankTracker and SavingsAccounts offer some of their banking services and products for free. More details on the companies are presented in rows 16-17 of the Banking tab of the attached spreadsheet.

Key findings

  • MyBankTracker plans to expand into the West Coast. The company will open a new office in Los Angeles.
  • The firm offers its content for free. However, it runs an Affiliate Program Services for Advertisers by which it's compensated.
  • MyBankTracker and SavingsAccounts do not have a consumer pricing model. However, they operate a freemium model for all the information on their sites.
  • MybankTracker does not disclose its funding details. It was acquired by QuinStreet, Inc. in 2019.
  • SavingsAccount has not disclosed any funding details. The parent company, QuinStreet, has raised a total of $40M in funding.

Research Strategy

After searching for relevant information from the annual reports, press releases, and interviews of some leaders in these companies, the research team determined that MyBankTracker and SavingsAccounts have not disclosed any funding history, strategic initiatives, or expansion plans into new categories or products. This was the case even after examining some funding and acquisition databases like Crunchbase and Pitchbook for any funding information. We've also verified, through a search on their official websites, that MyBankTracker and SavingsAccounts do not publish APIs for engaging with their customers.


Sources
Sources

From Part 01
Quotes
  • "In fact, ConsumersAdvocate.org is a review site that publishes top 10 lists with recommendations for everything from life insurance to engagement rings to refrigerators (see below). The site makes money through referral fees from advertisers whose products are featured on these lists, as the site states in a disclaimer at the top of review pages (“Our content is free because we may earn a commission when you click or make a purchase using our site.”). "
Quotes
  • "With the help of Google insights, we successfully launched in 18 new categories, including auto insurance and home security, increasing our reach by over 40%. Here are the four steps we took to expand our business."