Great question. Everyone’s used to free apps, so why isn’t Cinch free? Because it wouldn’t be Cinch — your completely unbiased, comprehensive personal financial manager. Every business has to make money. And free financial apps do that in two ways:
1. They sell access to your personal financial identity to banks, insurers, even bankruptcy attorneys to serve you ads. These ads are often positioned to you as “advice”. To me it’s pretty evil since it’s sneaky. It isn’t like an ad for Doritos in your social media feed.
2. They embed financial products (like a bank account) into the “free” app. Meaning they’re basically looking to own you just like the big banks do. And the products aren’t competitive (surprise!).
From a technological perspective, if you looked inside the technology at free app companies, you’d find (surprise!) technology built to serve ads or their own product. You’d be hard pressed to find tech that exists ONLY serves your best financial interest as your (sorry for this) fiduciary.
After all, if the product they’re pushing is not the best thing for you, why would they build something that wouldn’t do that? It would be like Coke recommending you drink Pepsi. Won’t happen.
With Cinch, you get what you pay for. Only the best financial management — real superpower stuff you can’t get anywhere — dedicated purely and only for you. Cinch could be free to you if you a) were an early supporter of our mission and we thanked you for that or b) someone who has your best interests in mind (like your employer or other organization) thinks it’s important your financial health is as good as it can possibly be. They pay for it on your behalf (but have zero influence or access to you). That’s it.
After all, would you ever go to a “free” doctor?