Android users are becoming more and more keen on money management apps finds app growth solutions company, SplitMetrics in its latest analysis on the Google Play Store.
Money management apps burst onto the scene in 2022 as rising inflation left many worried about their finances and looking to budget. The sector added a total of 896,000 users in 2022 and a further 854,000 in 2023. Two years later, they remain as popular as ever as the sector is expected to reach around 1.1 million users by the end of the year.
According to the research, total lifetime downloads are now at 4.9 million meaning that roughly one in 10 adults in the UK now use a dedicated app to manage their finances.
Breaking down which apps have grown the most in terms of Google Play downloads, SplitMetrics found:
- Plum has had 318,000
- Moneybox has had 264,000
- Snoop has had 157,000
- HyperJar has had 123,000
- Emma has had 74,000
- Chip has had 63,000
Looking at the bigger picture and lifetime downloads, SplitMetrics revealed that both Moneybox and Plum have an estimated 1.6 million users; Snoop, 762,000; Emma, 600,000; Chip, 443,000 and HyperJar, 426,000.
Beyond money management
SplitMetrics also analysed banking apps with financial management functionality and deal comparison apps. Both sectors followed a similar pattern to money management apps with banking apps experiencing an estimated 32 per cent increase in 2024, while deal comparison apps grew by 21 per cent.
The fastest-growing deal comparison apps in 2024 are:
- Meerkat (280,000)
- MoneySavingExpert (247,000)
- Confused (159,000)
- MoneySupermarket (99,000)
- Uswitch (26,000)
The banking apps with management functionality which added the most users in 2024 are Revolut (14m), Monzo (1.6m), Starling (421k), Curve (408k), Chase UK (387k) and Monese (234k).
Prioritising development and marketing
Thomas Kriebernegg, general manager, SplitMetrics Agency said: “As the cost of living crisis continues to bite, people are actively seeking tools to optimise their finances. While consumers cannot control increasing prices and tax rises, they can control how they spend money. And thanks to technological innovation, primarily in the fintech space, it has never been easier to track your expenses, budget and compare deals.
“Fintech is a competitive app market. Our report from earlier this year revealed that finance is the most expensive category when it comes to user acquisition. It is unsurprising as startups are disrupting the area, but we also have traditional banks catching up with consumers’ needs – and the latter have the user base for user acquisition.
“To get those new users app marketers need to balance organic and paid user acquisition efforts. It is also a matter of examining every beneficial change that can be made to the app’s marketing. For instance, another SplitMetrics report found that finance apps can see a substantial boost of an average of 12 per cent in conversion rates by incorporating bold colours into their icons and screenshots.
“Innovation in functionality, and ease of use are very important for consumers, but what is as important as development for this sector is marketing – and those that manage to prioritise both will emerge as market leaders in 2025.”