Microsoft has joined forces with US-based financial services company Plaid to convert Excel into a fintech app by launching a new solution called Money in Excel.
To be available for Microsoft 365 subscribers shortly, the new solution is said to help them to easily manage, track, and analyse their money and spending all within Excel in the form of an add-in.
Microsoft claims that the new solution provides the tools needed to help users achieve their financial goals. The company will begin roll-out of the new in-built financial management solution in Excel in the coming months, with US users to be the first to get access.
According to Microsoft, the new solution is a secure and simple process powered by Plaid, which enables the user to link his or her bank and credit card accounts to Money in Excel. After making the connection, a user can automatically import transactions and account balances and create a customised workbook by using the features of Excel.
Money in Excel to help in improving spending habits
Microsoft stated: “Money in Excel can help you improve your spending habits by providing personalized insights on your monthly spending and proactive alerts about price changes for recurring payments, bank fees, overdraft warnings, and more.”
Plaid COO Eric Sager said that the new solution essentially makes the spreadsheet software into a fintech app, thereby helping users to sync their balances and transactions from financial accounts and categorise and analyse them easily through charts and templates.
Based in California, Plaid is a California-based fintech startup that connects consumer bank accounts with fintech apps.
Earlier this year, the fintech startup agreed to be acquired by Visa in a deal worth $5.3bn. In January 2019, Plaid acquired New York-based fintech start-up Quovo, which provides wealth management and brokerage data.
