An interview with WeMoney CEO, Dan Jovevski

An interview with Dan Jovevski, CEO and founder of WeMoney. We discuss how WeMoney works, how it can help you manage your money, and what the future of WeMoney looks like! Read on..


I had the opportunity to chat directly with WeMoney founder and CEO Dan Jovevski recently, as well as a few interviews with team members where we spoke back and forth about the platform, the values behind the company, and the ‘why’ ‘how’ and ‘what’ behind WeMoney. I had the opportunity to ask some pretty pointed questions which we back and forthed over for hours which was pretty fun. Because some of the stuff we talked about was commercial-in-sensitive, I haven’t published it all but instead gave him the opportunity to explain it directly. Dan was a great sport about it all, and offered the following responses to some of my fairly blunt questions;

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Dan Jovevski, CEO and founder of WeMoney

My interview with Dan Jovevski, from WeMoney

Why does WeMoney exist?

WeMoney exists to help as many people achieve financial wellness and create a community of passionate people helping each other succeed financially.

Together as humans of Australia we can finally come together and share and consume our latest thinking and knowledge to create a financial system that’s fairer for everyone, and the best is you’re in the front-row seat making the change together with us.

Let’s say no to excessive debt, lack of savings and feelings of anxiety around money, and say yes to living our best financial futures!

How does WeMoney work?

WeMoney helps you make sense of your money and optimise your finances so you can get ahead in life. We use the latest research in behavioral science and machine learning to bring you the most clearest understanding of your money. WeMoney allows you to:

a) See all your accounts in once place like transaction accounts, credit cards, personal loans, mortgages, buy now pay later and mortgages, and from here we “nudge” into better financial outcomes

b) Understanding your credit score and how to improve it over time so you access cheaper credit when you need it

c) Access to a powerful community of passionate money savers sharing money savvy hints and tips to help you get ahead faster

What does WeMoney do with my data?

Firstly, we treat your data how we’d like our data to be treated, safe, secure and only used for your benefit. WeMoney never sells your data or is looking to build a business model around using your data. This is extremely important to us, and should be to you also. Just like seeing your doctor, he or she will need to use your data to improve your overall health, WeMoney operates on the same principle of using data to help you improve your financial well-being.

What control does WeMoney have over Yodlee or Basiq’s use of our data?

WeMoney uses Yodlee and Basiq to help you get access to your banking data. Importantly WeMoney does not exchange any personal data back to either of these providers (or anyone else) unless we have your explicit consent to do so.

Do you pay Yodlee or Basiq for their service or do they pay you for the data?

We have a one-way commercial relationship with Yodlee and Basiq – we pay them for the services they provide.

Currently the platform is free, How will WeMoney make money to make this sustainable?

WeMoney in the future will explore business models that are win-win for members and if we can create a huge amount of value to your life, we may charge a small fee in return. More importantly, all features that are available now are free to use, and only very advanced features may attract a small fee. We will be patient and co-create WeMoney along with our members to what is most sustainable for us. We really believe that financial wellness should be available to everyone at the lowest possible price. We also may explore business models whereby WeMoney receives a bounty for helping you with a financial product.

Will WeMoney use client spending information to run targeted ads within the platform?

WeMoney hopes and plans it never has to advertise and the community of WeMoney members will receive heaps of value. Our plans are to create the best product experience, and in return, we hope this naturally gets the word about financial wellness to more and more people organically.

Fun Fact: 25% of WeMoney members have come from members referring other members since our launch. We think this trend will only continue.
At present we run ads based on features of the product and target audiences based on the available data in Facebook/Instagram. Over time we may hope to reach more people that we can help using different ethically sourced and used data.

What does WeMoney do differently to its competitors, like PocketBook or PocketSmith?

WeMoney is more than a financial app. We’re a movement and community of people helping you get the most of your money. We love other financial apps as they help promote a better understanding of money.

Is WeMoney looking to partner with other financial services providers?

Yes we’ll consider partnering with the best financial and non-financial providers to get the best outcome.

What will WeMoney do with its growing user base?

WeMoney hopes that the community will guide us in letting us know what is important to them so we can humbly create a better financial future for more and more Australians. WeMoney is a movement for every young Australian to express themselves so we can collectively take back control of a broken financial system, and create a financial future for ourselves and others.

What is the future of WeMoney?

The future of WeMoney is bright, and we cannot wait to co-create the product with you – 2023 is going to be a huge year and we can’t wait to build the future together.

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Thanks Dan for answering my questions. You can check out my podcast interview with Dan HERE, and you can check out my We Money review HERE as well as the We Money website HERE.

If you want to get started with We Money you can get $5 FREE by signing up with the code HVSF4524

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