Lumio

Couples finances made easy

Freemium

Description

Lumio offers a streamlined solution for couples seeking to manage their finances collaboratively. The platform allows partners to connect various bank and credit card accounts (supporting over 100 connections) into a unified view. Users can designate specific accounts, bills, and expenses to a 'Shared Space', providing transparency while maintaining control over personal finances.

The application simplifies the process of tracking joint spending and managing household bills. It facilitates expense splitting by allowing users to share costs with a tap and automatically calculates amounts owed based on a customizable percentage split. Lumio monitors combined monthly expenditures, categorizes transactions, and helps identify potential savings. Security is prioritized through bank-grade encryption, adherence to recognized security standards like ISO-27001, and operation as an agent of an FCA-regulated partner, Moneyhub.

Key Features

Shared Space: Track shared expenses, bills, balances, and net worth as a couple.
Expense Splitting: Easily share bills and expenses, with options for automatic sharing of recurring items.
Joint Spending & Bill Tracking: Monitor monthly combined spending, categorize expenses, and track household bills.
IOU Tracker: Calculate and track who owes whom based on shared expenses and customizable splits.
Bank Connections: Connect accounts from over 100 banks and credit cards.
Security: Features bank-grade 256-bit TLS encryption and operates via an FCA Regulated Partner (Moneyhub).
Unlimited Bank Connections: Add as many accounts as needed across all plans.
Net Worth Tracker (Free & Pro): Monitor overall financial health.
Custom Categories (Pro): Personalize spending categories for better tracking.
Offline & Manual Accounts (Pro): Include assets or accounts not automatically linkable.
Real-time Bill Reminders (Pro): Receive notifications for upcoming bills.

Use Cases

Managing shared household finances for couples.
Tracking joint expenses without a joint bank account.
Splitting bills and recurring costs between partners.
Calculating and settling shared debts (IOUs).
Obtaining a consolidated view of a couple's financial situation.
Monitoring combined spending patterns to identify savings.

Frequently Asked Questions

How do we keep your data safe?

We prioritise your security at Lumio using robust measures like bank-grade 256-bit TLS encryption. Credentials are encrypted separately and never stored. Lumio is read-only, preventing unauthorised transactions. We adhere to ISO-27001 procedures, conduct regular security training and penetration tests, follow open standards (OAuth 2.0, OpenID Connect), and control system access strictly.

Does Lumio store your bank login details?

No, Lumio does not store your bank login credentials, including passwords. Credentials are encrypted, separated from personal info, used temporarily to retrieve transactions, and then immediately re-encrypted. Access to your Lumio account requires a pin-code or biometric ID.

Who are Moneyhub?

Moneyhub Financial Technologies Ltd is a trusted third-party data aggregation provider Lumio uses to connect to financial accounts. Based in Bristol, they provide APIs to retrieve data like balances and transactions securely. They are chosen for their safety, security, and broad range of UK connections.

Is Lumio regulated?

Yes, Lumio is registered as a Payment Services Directive Agent of Moneyhub Financial Technology Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA). Lumio is also a registered data controller with the ICO Data Protection Register and complies with data protection legislation.