Introducing Brevius

Brevius is a free mobile app which helps users track subscriptions and recurring bills in one place. While subscription models are becoming more popular it can be challenging to stay on top of all your recurring payments. Brevius helps you to find, cancel and manage them.


How it started

Brevius started with the frustration of an ever-changing recurring payment to my internet provider. For some reason the expense varied every month which was either due to price increases or mistakes on my service provider’s end. For me it was difficult and time intensive to track this recurring bill. Even after extensive research I couldn’t find any satisfying solutions online which would help me to manage all of my subscriptions in one place. This made me start Brevius, a free mobile app to help manage subscriptions.


Brevius is derived from the latin word brevior which can be translated as smaller, shorter or briefer. This principle of simplification is what we live by. Shortening the time you spend tracking your bills and making sure the payments are fair and small are the goals we are striving for.


The problem

In Britain alone, people waste a whopping £25billion each year on unwanted subscriptions according to a survey by NatWest. This equates to £39 per person per month on unused direct debits, standing orders and recurring card payments.


There are 3 main reasons which lead to these high numbers:

· Increased number of subscription offerings: Over the last decade, more and more companies have adopted the subscription business model. This preferred model has been on the raise with digital payments platforms which make it easier for companies to collect payments.

· Free trials: Many customers sign-up for free trials and forget to cancel their contracts in time.

· People don’t go through their bank accounts: Now let’s be honest, are you going through your bank statements on a regular basis? According to the survey, 38% of Britons leave it at least 6 months between reviewing direct debits and standing orders while 2.6M people admit they never check them.


The solution

Most people don’t go through their bank statements on a regular basis as it is a tedious and mundane task. With more than 1 bank account, direct debits and recurring payments could be hidden in different places.


When I started to work on Brevius, I found a subscription which I was not aware of I had even signed up for it. I certainly haven’t used it but money was taken from my account for the past 10 months. I quickly realised that many others would have the same problem and are unfairly charged for services they don’t consume.


Brevius uses open banking to securely access your financial data. We never see your bank login details and your data is stored using bank-level 256-bit encryption.

This is an all-in-one solution where users can connect as many bank accounts as they like while an algorithm will detect their recurring payments. We hope to make finding, managing and cancelling recurring payments as easy as possible to save our users time and money on unwanted services.



References

https://www.thisismoney.co.uk/money/bills/article-7934637/How-25bn-year-wasted-subscriptions-Britons-dont-use.html


https://www.cbinsights.com/research/report/subscription-business-model-industries/