A Spending Problem Solved with AI

What started as a personal challenge during COVID-19 lockdowns has transformed into a cross-border AI platform serving users in 100 countries. When Precious Arikeri found herself spending more while confined at home, she sought a solution to track her expenses—a need that wasn’t met by existing personal finance apps.

Along with Wahab Balogun, whom she previously worked with at IT firm Vascon Solutions, Arikeri launched Trackfundx in June 2022. Initially designed as a dashboard to consolidate transactions from multiple bank accounts, the platform faced early challenges with manual data entry and limited categorization capabilities.

The founders experimented with various approaches, including integrating with open banking APIs like Mono. However, they soon discovered that simply capturing transactions wasn’t enough—the real value lay in understanding what those transactions meant.

The Pivot to AI-Powered Receipt Reading

Trackfundx underwent a significant transformation when Arikeri moved to the UK for further studies and realized the platform no longer met her needs. This prompted them to rethink their approach entirely.

Instead of relying on bank integrations, they focused on building an AI that could read receipts—extracting key information like merchant name, date, amount, and category directly from images or PDFs. The shift allowed Trackfundx to become more versatile and work across different banking systems and countries.

The new platform not only tracks spending but also analyzes patterns, provides personalized insights, and helps users make informed financial decisions—all without requiring manual data entry.