Microsoft, Partners Launch Social Finance Site; Incubated Out of Citigroup


Microsoft (NSDQ: MSFT), Morningstar and Citigroup are backing, a new social finance site, which the three companies are pitching as a resource for consumers who want to see how their spending lines up with their peers. The site, which was incubated at Citigroup, lets users set filters for age, sex, marital status, income and location; it then returns basic data on how users in the selected demographic tend to spend their cash. Bundle also features editorial content from MSN Money and Morningstar.

Bundle says it is set to introduce “several new products” this year. One obvious possibility, considering the startup’s ties to Citigroup, is that users would be able to link up their bank accounts with Bundle so that they would actually be able to see how their spending lines up (As it is now, Bundle’s claim to be the “first site to show how people all over America are spending and saving” sounds rather empty since you have to guess how you yourself are allocating your cash).

Changing that would make Bundle a viable competitor to personal finance site, which links up with user’s bank accounts in order to monitor the state of their finances. Mint was purchased by Intuit this summer for $170 million.

Financial details are not being released, although Citigroup, Microsoft and Morningstar are all investors in the company, which is led by former Citigroup Growth Ventures executive Jaidev Shergill. Earlier reports put the investment by Microsoft and Citigroup at $5 million.

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