Microsoft —an on-again, off-again competitive threat to traditional banks over the years — plans to launch a consumer finance app this month.
The Money in Excel app will be part of the new Office 365 suite, which will is set to be relaunched on April 21 and renamed Microsoft 365. It will run on Windows, macOS, iOS and Android devices. It will cost $7 a month for individuals and $10 a month for families.
The effort is significant for a few reasons. For one, Office 365 has 38 million consumer users, in addition to about 200 million business users. For another, Microsoft has built tools that will compete with money management apps banks and fintechs offer. The tech company has 151,000 employees, 41% of them in engineering. If anyone is equipped to build a competitive fintech app, it is Microsoft. And the company has partnered with data aggregator Plaid on this project, so it can automatically import data from any bank or credit card account into Money in Excel.
Microsoft did not respond to a request for an interview by deadline.
This is not the first time Microsoft has tried its hand at financial services.
In 1991, Microsoft launched Microsoft Money, a personal finance management software program. It could be used to check bank account balances, create budgets and track expenses. It was discontinued in 2009. At the time, the company said “demand for a comprehensive personal finance toolset has declined.”
In the ’90s, people had to manually input the numbers from their incoming and outgoing checks each month. This was for…