Track announces full app launch to help young homeowners drastically improve the dated experience of managing home finances.
The new generation of homeowners, conditioned by the rise of fintech, expect slick online products. They can now also manage household finances from one simple, beautiful, connected mobile app.
The number of UK first-time buyers – average age of 33 – is at its highest level in over a decade, with first-time buyer mortgages in September increasing by 1.6% year on year and outstripping home movers. However, this group of homeowners has a uniquely challenging set of characteristics. Sky-high house prices have forced many to co-finance the purchase with partners and parents, but while shared finances among younger homeowners is common-place, there’s a growing desire to maintain
financial independence.
Track founders Byron McCaughey & Henry Oakes, who met while studying at Imperial College Business School, set out to build an app that recognises these hallmarks of the young homeowner – from complex ownership and ‘together but separate’ finances, to the expectation shift brought about by the rise of FinTech.
Byron McCaughey, co-founder of Track, commented: “We have brand new ways of managing everything online from our current accounts, to our pensions to our credit scores – and it struck us that there is nothing out there for our biggest and most personal asset: our home.
“We built Track to give young homeowners a sense of empowerment, ease and above all else, to take the emotional stress out of money management.”
Track is currently crowdfunding on Seedrs, following investment from Europe’s leading PropTech VC Pi Labs.