Citi-backed social money comparison site Bundle launches

Citi-backed social money comparison site Bundle launches

Bundle, a social media site backed by Citi, Microsoft and Morningstar that draws together financial information from across the US and puts it into a comparison tool that shows millions of spending trends across the country, has launched in beta.

The site's 'Everybody's Money' tool lets users see how similar people spend money in categories including dining out, groceries, gas, entertainment and travel, using simple graphics.

Users can customise spending results by their age, income, household status and location. They can also dig deeper to see average and median household spending in their area, along with a breakdown of stores, restaurants and businesses where people are spending.

The data can then be shared through Facebook, Twitter and e-mail.

Citi provides anonymous and aggregated spending transaction data while other information is gathered from the US government and third party data providers.

The site was founded by Jaidev Shergill, a former EVP at Citigroup's growth ventures and innovation division.

In September rumblings about the site first emerged, with reports suggesting Citi and Microsoft had joined forces to develop a personal finance management site that will take on Mint.

However, at present the site does not act as a money management tool, only providing a database of information that can help users see how others spend.

Says Shergill: "For all of the budgeting tools in the world, most of us still don't know where to start, or what's even normal. Bundle's data provides the missing piece. It shows what a person like you spends on groceries, gas, clothes and travel. It's all about context."

The site also includes a spending quiz and editorial content on budgeting, saving and investing provided by its other backers Microsoft and Morningstar.

You can watch a video explaining the service here.

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