Microsoft has partnered with San Francisco-based fintech startup Plaid to develop a new software app called Money in Excel. The collaboration will allow people to automatically import their bank and credit card account data into the personal finance (opens in new tab) tool. The software will be available to Microsoft 365 (opens in new tab) subscribers in the US initially.
The Money in Excel app (opens in new tab) will let users manage, track and analyse their money and keep track of their spending habits, all within the space of the Excel spreadsheet application.
Financial accounts are connected via a Plaid Link from within Excel. Users can then import transactions and account balances automatically via connections with over 11,000 financial institutions in the USA, Canada and also Europe.
- Best budgeting software
- Have a look at the best accounting software
- Check out the best money transfer apps and services
- The best tax software
Money in Excel
Plaid says that in the US it supports nearly every institution from the major retail banks to community credit unions. Money in Excel users will get a monthly snapshot that features personalized charts and graphs, collated from your data. The fintech app can be further customized using templates that are most relevant to your spending patterns, flagging up key areas such as recurring expenses, net worth and more.
In a blog post Eric Sager, COO, Plaid, said: “Money in Excel is powered by Plaid and essentially turns the spreadsheet software into a fintech app – letting you sync your balances and transactions from financial accounts and easily categorize and analyze through charts and templates.”
- We've also highlighted the best accounting software in 2020