Claro Money

What is Claro?

Claro money is a subscription-based digital financial platform (app) that enables simple financial operations.

Founded by Rob Brockington in the United Kingdom, Claro Money has been able to capture the market segment by providing smart financial decisions from setting up goals to investing and decent savings.

Developed by ‘Claro Wealth Limited’ and launched in 2021, Claro is an app which enables its consumers to effectively organize and take control of their finances by tracking the earnings and expenditures and setting realistic goals via the Claro app.

The app is currently compatible with iPhone, iPod touch and Mac and the most unique feature in this app is that the users are provided with remote assistant to contact an expertise financial coach for a limited number of sessions once the app is being used, whenever a user feels like he/ she need any finance related assistance or an opinion.

 

Claro’s Mission

Claro’s mission is to provide tools to inspire people to make smarter decisions concerning their money, (savings and expenditure) by providing extensive educational and cooperative knowledge.

 

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Product Features

The app could be downloaded, and the first thing is to link the individual user’s bank account via open banking which is now mostly used by the major financial establishments in the United Kingdom.

The open banking system is a method of allowing an individual bank account or an app that allows to sharing of personal information with outsiders under the user’s authority.

The foremost advantage of this app is that the user will have a transparency of how much money comes into the account and goes out from the account on the other hand.

The app as well enables the user to view the monthly breakdown either by category or the individual merchant.

 

Creating a Claro account

The initial stage of creating the account is by verifying the individual’s identity by providing a photograph of either the passport, the driving license or simply by taking a selfie. This process is automated, therefore is a matter of a few minutes. Users should verify their email first and complete the following process:

  1. Download the app via app store
  2. Register a bank account in the app
  3. Pass the identity check
  4. Complete the Claro suitability quiz
  5. Set a goal (minimum 1 goal)
  6. Deposit a minimum of £1
  7. Schedule a coaching call

Users also have endorsed that the coaching sessions of the financial experts have helped them to figure out their priorities to begin with and further have stated that the assistants were very much encouraging and often have reassured the users of the ongoing good methods of decent finance management which in the long run had laid the stable foundation on how to manage savings with confidence. The professionalism in coaching the users and providing them with the best possible financial solutions has been the main reason why many people have placed their trust in Claro Money.

Claro money founder, Rob Brockington himself says that the Claro app is the cheapest alternative to the cost of hiring a financial adviser whenever one needs assistance, which is a reasonable statement.

 

How safe is Claro?

Many of us often worry about security and privacy when it comes to monetary matters, especially when open banking is involved. Claro uses a technology called “Truelayer” which is specifically integrated for bank-grade security.

Therefore, even though Claro enables its users to view the money that comes into their account and what is spent from the account, it does not authorize any transactions via the app.

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Many people use Claro Money since it gives a clear overview of one’s earnings and expenditures, which enables one to manage money effectively.

 

Unique Features Offered

Claro money is indeed a unique, easy to use budgeting app.

Amongst many other accounting apps which are in use providing similar services, what is new to the table in the Claro app is the financial coaching provided, i.e.  to speak to a person with financial experience and get personalized help of each individual’s query by simply booking a session.

In 2021, Claro built a partnership with “One Tribe”, the first ever Climate Action platform which involves businesses and consumers to create a positive impact towards the environment as a corporate social responsibility. Together with One Tribe, Claro Money is supporting 5 of the United Nations Sustainable Development Goals namely: No poverty, Life on Land, Climate Action, Life below water and partnerships.

Through this, Claro Money is contributing to protect rain forests at no costs to the customers.

 

Pros and cons of Claro Money:

 

Pros

  • Easy access to one- on- one financial coaching
  • Customer data is encrypted using bank- level security. Therefore, the data security of the customer is highly maintained
  • Supported with biometric security (face and fingerprint)
  • Ample online links with information
  • Easy to set up and track goals
  • Users are able to see where they money goes to – view their spendings and income from one platform and helps to budget better
  • Transparent investing fee structure (no hidden fee)
  • A 2% bonus is offered up to £3000 saving
  • Coaching sessions are treated strictly confidential

 

 

Cons

  • The first year’s subscription is free of charge for early users
  • Annual fee is £10, which needs to be paid by the user irrespective of the amount of money one invests
  • An annual platform fee of 0.45% is applicable to investments over £2500
  • Although Claro Wealth Limited is registered with the FCA (Financial Conduct Authority), the service of consulting financial coaches/assistants is not regulated by the FCA

 

Specific Rules for the Platform

 

Who is Claro for?

Claro is for anyone who is seeking for smart saving solutions and financial decisions.  It could be any means of savings, for a house, education, business, or any other long-term plan of an individual.

 

As at now, Claro money platform is used in Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Peru, Puerto Rico, and Uruguay.

Currently, Claro does not charge a currency fee for the initial $2500 an individual invests in the platform.

Claro money works with many of the major banks which include American Express, HSBC, Bank of Ireland, Bank of Scotland, Marks & Spencer, Halifax, Barclays, Nationwide, Starling, Virgin Money, and few others.

 

Specific rules of Claro

Like all other financial institutes and banks, Claro strongly recommends in the 50 30 20 rule when it comes to saving and spending.

– 50% of the income on the needs (Food, rent, bills)

– 30% of the income on the wants or nice-to-haves (new clothes, outings)

– 20% of the income on saving or paying off debts (credit cards, loans, bank interests)

 

This rule may work with each individual in different ways, and for some it may not work at all. Yet, it is a perfect outline of understanding the importance of saving and working towards it with a fitting plan.

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