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The new tool is aimed at “aspring-affluent customers” in the £40,000-£150,000 income range.
Image source: Pennyworth.
Data and payments fintech Moneyhub is joining forces with financial planning and banking app Pennyworth to bring a new tool to “aspiring-affluent customers”.
The new service aims to redesign digital banking in a way that will democratise financial planning.
It will provide a new option for customers that are not quite wealthy enough to be taken on by wealth management firms or private banks, but would benefit from financial guidance.
“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,” Pennyworth CEO Jeremy Takle said.
The tool will combine open banking, open finance and machine learning to take customers’ goals and create customised financial plans that can be tracked against those targets.
It will be for those with salaries of between £40,000 and £150,000 and will be powered by Moneyhub’s APIs.
“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,” Moneyhub CEO Sam Seaton said.
Pennyworth is hoping to tackle what it has identified as a value and advice gap in supporting mass market consumers with the new product and to show its place in democratising financial planning by giving advice to those who would not typically have access to financial guidance.
Moneyhub’s API connectivity will allow Pennyworth access to a full scope of a customer’s financial data, including pensions, savings, investments and bank accounts.
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