Finance Everywhere

With Plaid partnership, Microsoft Excel is now a fintech app

  • Excel becomes more useful with a new integration that accesses live consumer bank and spending data.
  • Microsoft partnered with Plaid, as the data aggregator expands the radius for financial data outside of fintech.
close

Email a Friend

With Plaid partnership, Microsoft Excel is now a fintech app

The spreadsheet has always been a go-to tool for organizing and managing finances. Heck, for all their talk about modern technology, entire fintech companies are running on Google Sheets.

Source: Plaid

Spreadsheet as financial manager: The new Money in Excel allows users to connect their financial accounts, import their data, and sync balances and transactions over time.

  • Microsoft partnered with Plaid to provide the permissioned connection to financial accounts via Plaid Link from directly within the Microsoft Money in Excel experience.
  • After linking accounts, an individual has access to her balance and transaction history.
  • Money in Excel offers a variety of templates, charts, and graphs for users to track their finances over time.
  • A “Monthly Snapshot” sheet features personalized charts and graphs using user data to help better understand spending behavior.
  • Money in Excel will roll out in the U.S. in the next few months.

Everyone is a fintech: Plaid’s domain, like most of the data aggregators, has traditionally been connecting fintech apps with users’ financial data at their financial institutions.

  • That’s changing as an increasing number of non-financial companies dabble with banking and financial products.
  • Microsoft’s Money in Excel is one of the first major examples of how companies outside of the financial services industry are looking for assistance with their new fintech products and capabilities. 
  • Plaid also works with non-finance tech companies, like Shift and Carvana, and claims it is in discussion with 25 percent of Fortune 100 companies about their fintech initiatives. 
  • Plaid connects to 11,000 institutions across the US, Canada, and Europe.

“Plaid has always focused on powering innovators,” said Eric Sager, COO at Plaid. “To date that has consisted primarily of developers at startups like Venmo, Square, Acorns, Blend, Dave and others.”

“However, it might surprise people to learn that we are talking to more than 25% of Fortune 100 companies about serious fintech initiatives. Like Microsoft, many of these larger, tech-forward companies have little to no role in financial services today, but will likely help shape our fintech reality for decades to come given their consumer footprint.”

0 comments on “With Plaid partnership, Microsoft Excel is now a fintech app”

Outlier OpinionsMakers

Business of Fintech, Finance Everywhere

Stripe inks e-commerce and payments deal with Ford

  • Ford and Stripe have entered a five-year agreement to modernize the carmaker’s e-commerce and payments experience.
  • This marks another partnership looking to transform cars into e-commerce hubs, as both banks and fintechs have been collaborating in recent years on bringing new technology to vehicles.
Iulia Ciutina | January 18, 2022
Finance Everywhere, Podcasts

‘It’s a lot more fun battling over 150 basis points than 10 basis points’: Tern’s Brion Bonkowski

  • Tern is an embedded finance platform run by Brion Bonkowski.
  • He joins us on the podcast to discuss the platform's roots in cross border debit payments and where the platform is headed in the future.
Zachary Miller | January 12, 2022
Finance Everywhere

‘Legacy institutions have the scale, but not the agility’: How Google wants to help banks digitize their processes

  • Cloud computing, embedded finance and self-service tools will be the main areas of focus for the finance industry this year, according to Zac Maufe, head of retail banking at Google Cloud.
  • Google wants to continue to be a technology partner for the finance industry, helping established banks and fintechs with digitizing their processes.
Iulia Ciutina | January 07, 2022
Finance Everywhere, Member Exclusive

Embedded Finance Briefing: 6 trends for 2022

  • For this week's Embedded Finance Briefing, we look 6 specific tailwinds powering the industry forward.
  • We also explore the opportunities in personalization that embedded finance opens up.
Zachary Miller | January 04, 2022
Finance Everywhere, Member Exclusive

Is partnering with Big Tech an opportunity for banks?

  • The decision to partner with Big Tech companies is not a simple one for banks to make.
  • There are many issues to consider, including disintermediation, customer loyalty and regulation.
Iulia Ciutina | December 17, 2021
More Articles