Heymoney is discontinued

The Allianz app was supposed to help customers manage their finances and insurance. But the user numbers probably did not meet expectations.

Allianz's finance app Heymoney is apparently to be shut down in the coming weeks. "Ending our work on the app was not easy for us, but this decision could not be avoided," CEO Bernd Storm is quoted as saying at Finance Forward quoted. The hoped-for user growth of the app probably failed to materialize. User numbers are said to have been in the five-digit range only.

Yet Allianz had made a double-digit million investment in 2019 to develop the app. The insurance group put a well-known team in charge of Heymoney. Among them were Aboalarm makers Bernd Storm and Arnold Brunner. The platform was to become a competitor to traditional banking apps and enable customers to analyze their finances.

So far, 30 employees have worked for Heymoney in Munich. How it will continue with the employees is still unclear. "Together with our investor, we will do everything we can to offer our employees a new perspective," Storm said to Finance Forward. In addition, he said, Allianz is examining what options are now available for existing users of Heymoney.