The world of Fintech is constantly changing. The more competition there is the more each company needs to add to their value chain in order to be successful. As the barriers to entry for start ups in the Fintech world become increasingly more difficult to overcome, one start-up has just received 1.2 Million in funding and is one to look for in the future to set the standard.
Hiatus is an app that connects to your bank account and tracks your monthly autopay subscriptions. It notifies you before you pay for the subscription and allows you to unsubscribe through their interface. However, they are not the only start up to do this. Trim and Truebill also provide this service, so what makes Hiatus different? Bill Negotiation.
With the users permission, Hiatus reaches out to reoccurring bill’s companies in order to negotiate a lower deal for the user. There is no change to the service, instead Hiatus repeatedly reaches out until a deal can be made. Each user saves about $137 a year through this system and the only catch is that Hiatus charges the user half of what they save. So, if the user saves, $137 because of Bill Negotiation feature, Hiatus take $68.50, so the user still saves $68.50 per year.
Source: https://techcrunch.com/2017/02/23/hiatus-raises-1-2m-in-seed-funding-to-track-and-negotiate-your-reoccurring-bills/