Frequently Asked Questions

What can Sumio help me with?

Sumio provides answers to important questions related to financial analysis and planning. What is my Net Worth and how is it evolving? What is the total value of my assets and liabilities? How are my assets and liabilities allocated? What are the market values and allocations of my portfolios of stocks, ETFs, and cryptocurrencies? How are my portfolios evolving?

Do I need to create an account to use Sumio or share any personal information?

No, no registration or accounts are needed. Your data stays on your device. Sensitive and private data are not shared with anyone. You don’t have to connect the app to your banking or brokerage account to use it.

What data does Sumio get about me?

We don’t know anything about you personally. We do not collect any personal data. The app is not following you. We get only information in the form of statistics provided by the Apple App Store and Google Play Store to app publishers and the data needed to process and manage subscriptions. This is anonymized information that someone in a certain country and with a certain type of operating system (iOS, Android) has opened the app and started a trial, purchased, canceled, or renewed a particular type of Premium Subscription.

Do I have to enter all the data about my assets and liabilities manually into the app?

At the moment, yes. But it’s as easy as creating contacts or storing phone numbers. In addition, for selected asset types, the application can automatically obtain exchange rates and market value (stocks, ETFs, and cryptocurrencies), so you only need to enter, for example, the number of stocks you own or have historically owned. The application automatically adds current and historical market value. At this time, however, we do not allow the import of data or links to accounts with banks and brokers. We are exploring the possibilities of such connections, and if we find a way to make them secure and private for our users, we will include them in our development plan.

Where is the data I enter into the app stored?

The data is stored on your device – the phone or tablet on which you have installed the app. Data is encrypted using the advanced encryption standard AES-256, similar to banking applications. You do not share your data.

How does the app calculate my Net Worth?

Your Net Worth is calculated as the difference between the current value of all asset items and the current due amount of all liability items that you enter in the app. Sumio calculates your Net Worth in the default currency of your choice. You can set and change the default currency at any time in Settings. Sumio automatically converts the value of assets and liabilities in foreign currencies according to current exchange rates.

Where does market data come from?

We obtain data from providers who specialize in aggregating market data from exchanges around the world. At the moment, these providers are TwelveData and Apilayer.

How often is market data updated?

We update market data daily. The app does not display real-time online data because its purpose is not to provide support for online trading. Instead, Sumio offers a comprehensive picture of your wealth from a vantage point and a long-term perspective.

What indicators does the app calculate?

Sumio automatically calculates Net Worth, Total Assets, and Total Liabilities indicators. At the same time, it automatically calculates the value in the default currency also for the categories in which the asset and liability items are included. You can enter asset and liability items in various world currencies in the app. Sumio automatically converts their value to the default currency you choose in Settings.

What currencies does the app support?

Sumio supports more than 100 world currencies. You can set the default currency of the application in all major world currencies, but also exotic currencies.

For which markets can the app obtain data?

At the moment, Sumio can obtain market data for stocks, ETFs, and crypto assets from more than 50 markets (stock exchanges in the USA, Canada, Europe, Asia, South America, Australia, and Africa). We are working on adding other markets and we also want to gradually offer market data for other kinds of assets as well (real estate, cars, etc.).

What is your business model?

The business model of Sumio is based on a Premium Subscription. We are independent developers and we offer the app as a premium product to users who want comfort and absolute privacy when managing their finances. No ads are hidden in the app. We do not track our users nor collect any private data.

Are you financial advisors?

No, we are not financial advisors. We are not affiliated with any bank or financial institution. We are a technological start-up based in the Czech Republic (European Union) with the ambition to create modern financial management products with an emphasis on transparency, objectivity, and privacy. Our motivation is not to sell our users financial products, but to provide them with an effective tool for managing and building their wealth.

What are your plans?

We want Sumio to become the best app for DIY financial planning available to the maximum number of people worldwide. We want everyone to have the opportunity to use an advanced tool for analyzing and planning their finances, which is independent of banks and financial institutions.

What benefits do I get with a Premium Subscription?

You unlock all Sumio features with a Premium Subscription. You can create an unlimited number of asset items, create your own categories and also obtain unlimited market data. You can try a Premium Subscription for free and during the trial try out all premium features.

Can I cancel my Premium Subscription? How?

Yes, sure. You can cancel your Premium Subscription of Sumio at any time. You can cancel or renew your subscription in the Apple App Store or Google Play Store – go to your account section – subscriptions.

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