SOURCE: Finovera

Finovera

September 10, 2012 09:30 ET

Finovera Launches to End Consumer Struggle With Bill Management

Startup Helps Individuals and Families Organize Their Financial Lives, Avoid Late Fees and Flag Errors Before Payment

NEW YORK, NY--(Marketwire - Sep 10, 2012) - FinovateFall 2012 -- Finovera, a Silicon Valley-based tech startup, announced today the launch of its web-based bill and financial document management product. Similar to the way online personal finance management offerings such as Mint.com help consumers better understand their spending and asset allocation, Finovera is designed to help consumers better manage their day-to-day bill paying, bookkeeping, and statement and document organization -- a critical, yet unaddressed need in today's households. The announcement was made as part of the FinovateFall 2012 (www.finovate.com/fall2012) conference in New York City, an annual show highlighting the latest innovations in the financial technology space.

Finovera's web application lets users unite all of their statement-based accounts ranging from banks and utilities to credit cards and mobile phone services in an easy-to-manage online portal, which conveniently gathers, organizes and stores statements on a monthly basis, and alerts users when bills are ready to be paid or when monthly spending looks unusual and invoices need a closer look. Unlike other online bill management offerings, which typically only provide access to most recent statements, Finovera will download up to 12 months of bills and statements once an account is added, storing them in PDF format for easy access, and generating reports that let users analyze their typical spending habits and identify inconsistencies. All future bills and statements are automatically downloaded and stored as they become available.

"U.S. consumers are inundated with a total of 30 billion bills and financial statements every year, keeping them in a never ending footrace to keep up," said Purna Pareek, Finovera's CEO and founder. "The paper-based bill payment method is inefficient and makes it almost impossible to spot errors, while established online personal finance management products completely ignore the bill and document management side of the equation. We cannot do away with bills and documents -- we all still need those -- we just need a simple, clean, web-based method of monitoring, organizing, analyzing and storing them. That's what Finovera does."

The application also offers secure storage for important family documents such as insurance policies, medical records, wills, passports, deeds and legal contracts, as well as one-click auto-login access to any of the user's online websites.

"Managing bills and financial records is a huge pain for most households, and it's a space that's absolutely ripe for innovation and disruption," said Eric Mattson, CEO of Finovate. "That's why we're so excited to have Finovera presenting at the event; if you can truly solve the paperwork challenge that so many folks have, the potential for growth is huge."

Finovera's service is completely free to users, and has been positively reviewed by hundreds of early testers. Banks and other financial institutions can increase customer loyalty and satisfaction by providing Finovera's bill aggregation and management solution as a complement to their existing online bill pay programs.

To sign up as a user, visit http://www.finovera.com.

About Finovera

Finovera is a Silicon Valley startup helping households organize and manage their bills, financial statements and other important family information effortlessly. Our product offers the easiest and most comprehensive solution for keeping track of home finances and reducing paper clutter. Our team of seasoned entrepreneurs and technologists hail from some of the most respected names in consumer financial services and enterprise software, including Fiserv, eBay and IBM/Informix. Our mission is to simplify the lives of every American household by helping them organize and manage critical home information easily so it is available anytime anywhere in a secure manner.

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