The Bankwatch

Tracking the consumer evolution of financial services

Wesabe leads the way in all financial services innovation, and disruption

Regular readers will know I am a huge fan of Wesabe. Their stats amaze even me.  This kind of data and information, which I emphasize is, across many Banks, is invaluable and not held anywhere, except Wesabe.

We’ve had a fantastic response to the site from our users, as I’ve blogged recently. Wesabe is currently tracking $300 million (U.S.) in transactions for our users. We have over 135,000 merchants in our system, and over a million tags applied to those merchants. People are uploading data every minute of every day. We have data from banks and credit cards in 23 countries, and users in 95 countries.

Source: Wheaties for Your Wallet » Blog Archive » A shift on Pro memberships

I am impressed and Kudos to Wesabe and the team.

But it just gets better …

So while we’d originally announced that we were intending to give free Pro memberships for 2007 to everyone who uploaded in 2006, and that everyone who joined from then on would have to pay for uploading more than three accounts, we’ve decided to remove that limit. As of today and from now on, everyone who joins Wesabe can upload up to 12 bank or credit accounts for free, and use all of the current features of the site for free. (Our stance on ads has not changed — we are still not going to run ads on the site.)

This is fantastic marketing, and exactly the incremental benefit approach I would expect.  I won’t predict here (but I might over a beer) where Wesabe will land, but this is clearly a resource of immense value that no Bank can command.


Written by Colin Henderson

February 28, 2007 at 00:04

5 Responses

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  1. Colin,

    I guess I’ll have to buy you that beer! 🙂

    Thanks much for the kind words. We’re amazed at the numbers, too. It’s great to see the reaction the site is getting. We have plenty of work to do, but I think we have a lot of evidence that we’re headed in the right direction.

    Thanks again.

    Marc Hedlund

    February 28, 2007 at 01:36

  2. Always available 🙂


    February 28, 2007 at 03:31

  3. Props to Wesabe and team.


    February 28, 2007 at 08:45

  4. So Marc, what’s the plan for actual “Payment” and settlement capabilities, in addition to the great reporting and tracking?


    March 5, 2007 at 09:54

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