@GeeknRolla: StrippedFinance adds social media to financial advice

StrippedFinance is a social media platform for personal finance that allows consumers, finance professionals and companies to come together in a secure place tailored for regulatory and financial business processes. The company describes itself as “a social network for the personal finance vertical”.

Founder and CEO Eddie George told the last GeeknRolla start-up pitch slot of the day that the problem StrippedFinance wants to solve is that personal finance professionals spend too much on admin – this site could free them to offer “a much more tailored approach” and give consumers a better offer. George says the business model is largely based on sponsorship and advertising.

“If you reduce the cost of the advice, you reduce the cost of the service,” he says, meaning that consumers in theory can get a better deal on their financial advice.

But it’s not just about financial advisors, George says 50 or 60 different types of finance professionals could sell their services using StrippedFinance. Consumers could use the site to find advisors and interact with them via text and video messaging.