MyCash, a new start-up from Latvia, has launched a service that helps manage personal finances. Setting financial goals and budgets, receiving timely alerts on bills, finding savings and seeing your spending all in one secure place. Sounds familiar? No wonder - that's exactly what Mint does in US and Canada. Latvian MyCash is not as comprehensive a servivce as Mint, but it's clearly trying to get there. Unlike Mint that directly monitors your bank accounts, you'd have to put every spending and income manually into MyCash. The interface is not as smooth as Mint's but it does not have any obvious flows either: it's clean and simple. MyCash is only available in Latvia, in Latvian and Russian languages only.
Who exactly founded and runs MyCash is not publicized - there is no mention of founders behind the service anywhere on the website or on the company blog. It is also not clear how the company is going to make money - the service is currently free and there are no disclosures of service charges from bank transactions. While the idea behind MyCash is not new, the service itself has not been offerred in the region. However, having a competitor like Mint cannot be easy: with more than 1.4M registered users and $30 million in funding since its launch three years ago, Mint is a giant compared to MyCash. Getting that type of funding or that large a userbase in Europe is harder than in the US. Banking and finance regulations differ from country to country and not all even have online banking. Coming from a country with a population slightly bigger than 2M, MyCash needs to spread the service to other countries as soon as possible before other copycats emerge or before Mint comes to Europe. The race for tracking European's personal finances begins!