Moneyhub, the market-leading Open Data and payments platform, is partnering with Pennyworth, a financial planning and banking app, to redesign digital banking for the aspiring-affluent consumer.
Pennyworth, which has applied for a UK banking licence, has developed a unique planning tool powered by Moneyhub’s award-winning APIs. The tool uses a combination of Open Banking, Open Finance and machine learning to turn goals into a customised financial plan and track progress against those targets.
The new service is tailored for aspiring affluent consumers: With salaries of between £40,000 and £150,000, such consumers would benefit from financial guidance but are typically not considered wealthy enough to be taken on as clients of wealth management firms or private banks. Meanwhile Pennyworth has identified that traditional banks tend to offer poor savings rates, high borrowing costs and very limited financial planning support.
The new partnership bridges the value and advice gap and seeks to democratise financial planning. And with a cost of living crisis squeezing household incomes in the UK, there’s never been a better time for consumers to review their finances and seek appropriate guidance.
After an in-depth selection process, Pennyworth chose Moneyhub as its technology partner due to the breadth of connectivity offered by Moneyhub’s Data & Intelligence API and its ability to pull in the full scope of a consumer’s financial data, from pensions to savings and investments, as well as bank accounts. This compliments Pennyworth’s objective to design financial goals that take a holistic view of a consumer's finances.
Sam Seaton, CEO at Moneyhub said: “Setting and achieving financial goals should not be the preserve of the super-rich: everyone should be able to make the most of their money. It is our pleasure to partner with Pennyworth to offer an Open Finance solution for the aspiring affluent consumer.”
Jeremy Takle, CEO at Pennyworth said: “Pennyworth was founded to help solve the personal finance problems of aspiring-affluent customers by bridging the value and advice gap and Moneyhub’s cutting edge technology helps us achieve that goal. We are delighted to partner with Moneyhub to play our part in democratising financial planning.”
Moneyhub Contacts
Ingrid Anusic
Marketing Director, Moneyhub
ingrid.anusic@moneyhub.com
M: +44 783 722 6553
Eleanor Ross
Account Director, Teamspirit (Moneyhub PR Agency)
ERoss@teamspirit.uk.com
M: +44 7393 758 446
Ben Harvey
CPO, Pennyworth
ben@pennyworthfinancial.com
M: +44 7534 337376
James Taylor
Director, Roaring Mouse (Pennyworth PR Agency)
james.taylor@roaringmousepr.com
M: +44 7796 138291
About Pennyworth
Pennyworth is a financial planning and banking app for busy professionals, company directors and business owners. The company was founded in 2020 by Jeremy Takle and Ben Harvey, formerly Managing Director and Head of Product at Barclays’ US Digital Consumer Bank. Based in London, UK, Pennyworth is in the process of being authorised as a bank in the UK.
For more details, please visit www.pennyworthfinancial.com.
About Moneyhub
Moneyhub is a global ISO 27001 certified software developer of Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.
For more details, please visit www.moneyhub.com