Stated

Product Introduction

1. Definition: Stated is a privacy-centric personal finance management (PFM) and automated bank statement analysis platform. It functions as a secure financial aggregator that operates via document ingestion (PDF, CSV, and Excel) rather than traditional API-based bank connections or screen-scraping methods. Technically, it is a data-parsing and categorization engine that utilizes machine learning and Large Language Models (LLMs) to transform unstructured financial documents into actionable accounting data.

2. Core Value Proposition: Stated exists to bridge the gap between intrusive Open Banking apps and labor-intensive manual spreadsheets. Its primary value proposition is "Financial Intelligence without Third-Party Risk." By eliminating the need for bank login credentials, Stated targets users who refuse to share sensitive authentication tokens. It provides automated expense tracking, multi-currency budgeting, and AI-driven spending insights through a "Zero-Knowledge" approach—requiring no personal identification, real names, or account linkings.

Main Features

1. Direct PDF-to-Insight Parsing Engine: Unlike traditional tools that require users to convert files to CSV before processing, Stated uses a proprietary parsing engine that reads bank statement PDFs directly. This technology extracts transaction dates, merchant descriptions, and currency values with high precision, bypassing the need for manual data entry. It supports standard statement formats from major global institutions, including UAE-based banks (Wio, RAKBank, Emirates NBD) and UK/US banks (Barclays, HSBC, Chase).

2. 3-Layer Intelligent Categorization System: To ensure high accuracy, Stated employs a hierarchical categorization logic. First, it applies user-specific historical choices (learning from past edits). Second, it utilizes a database of over 120+ built-in merchant patterns to recognize common vendors. Finally, for novel or ambiguous transactions, it leverages an AI categorization layer to predict the merchant type based on context. This system is designed to become more autonomous as the user’s transaction history grows.

3. Conversational AI Financial Assistant: Stated integrates a localized AI assistant that operates on the user’s ingested transaction history. Users can query their finances using natural language (e.g., "How does my grocery spend this month compare to last year?"). The assistant performs cross-month comparisons, identifies largest recurring expenses, and provides proactive observations on spending patterns without the user needing to build complex pivot tables or formulas.

4. Bank-Grade Security and Privacy Infrastructure: The platform utilizes AES-256-GCM encryption for all sensitive data. A critical technical differentiator is that Stated does not use customer transaction data to train its AI models, ensuring that financial habits remain private. The platform allows for instant, one-click data deletion and does not require a real name or address for account creation, maintaining an anonymous profile for the user.

Problems Solved

1. Pain Point: Security Risks of Open Banking: Millions of users are uncomfortable with the "keys to the kingdom" approach of sharing bank login credentials with third-party aggregators (like Plaid or Salt Edge). Stated solves this by using "statement-based" tracking, ensuring the user's actual bank account remains inaccessible to the software.

2. Target Audience:

   • Privacy-Conscious Individuals: Users who prioritize data sovereignty and refuse to link their bank accounts to any third-party app.
   • Expats and Digital Nomads: Individuals banking across multiple countries and currencies (e.g., AED, USD, GBP) who need a unified dashboard without regional API limitations.
   • Freelancers and Small Business Owners: Users needing to separate personal and business expenses for tax reporting without the overhead of full accounting software.
   • Spreadsheet Power Users: People tired of the manual upkeep of Excel or Google Sheets who want automation without sacrificing control.

3. Use Cases:

   • Cross-Border Wealth Management: Tracking spending across a UAE Wio account and a UK Barclays account simultaneously.
   • Tax Preparation: Using the "Business Tracking" feature to flag deductible expenses and exporting them as a clean CSV for an accountant.
   • Subscription Auditing: Utilizing "Recurring Detection" to identify forgotten monthly charges that are draining a bank account.

Unique Advantages

1. Differentiation: Traditional apps like Mint (now defunct), YNAB, or Monarch Money rely heavily on direct bank sync. When those syncs break—a frequent occurrence in many regions—the apps become useless. Stated’s upload-based model is "bank-agnostic," meaning it works with any bank that issues a PDF statement, regardless of whether that bank has an open API.

2. Key Innovation: Privacy by Default: While most PFM tools monetize via data selling or targeted financial product leads, Stated uses a transparent subscription model. The core innovation is the decoupling of "Financial Insight" from "Account Access." You get the same level of AI-powered categorization as top-tier fintech apps but with the air-gapped security of an offline spreadsheet.

Frequently Asked Questions (FAQ)

1. Is Stated more secure than linking my bank via Open Banking? Yes. Open Banking requires you to provide a digital token or login credentials that grant access to your account data. Stated never asks for your login. You only upload a static PDF file, meaning there is zero risk of unauthorized transfers or account compromise. Your data is further protected by AES-256-GCM encryption.

2. Does Stated support international banks and different currencies? Absolutely. Stated is built for global users, supporting over 25+ currencies and banks across the UAE, UK, US, and beyond. If your bank provides a standard PDF, CSV, or Excel statement, the system can parse and convert the data into your preferred base currency for unified tracking.

3. How does the AI categorization handle unique or local merchants? Stated uses a three-tier system. It first looks at your personal history and 120+ established merchant patterns. If a merchant is still unrecognized, the AI analyzes the string description to categorize it. You can manually override any category, and the system "learns" that preference for all future uploads.

4. Can I export my data for tax or accounting purposes? Yes. Stated includes a robust CSV export feature. This allows you to take your cleaned, categorized transaction data and move it back into Excel, Google Sheets, or professional accounting software. This is particularly useful for freelancers separating business expenses from personal spending.