Financial planning and banking app Pennyworth has partnered with open finance data and payments platform Moneyhub to develop a financial planning tool for “aspiring affluent customers”.
The tool is powered by Moneyhub’s APIs and leverages open banking, open finance and machine learning to give consumers a holistic view of their finances and create customised financial plans.
Pennyworth, which has applied for a UK banking licence, chose Moneyhub as its technology partner due to 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.
The offering is targeted towards those with salaries between £40,000 and £150,000 who would benefit from financial guidance but who are not considered wealthy enough by wealth management firms and private banks.
Moneyhub CEO Sam Seaton says the use of financial goals should not be the preserve of the super-rich, while Pennyworth CEO Jeremy Takle adds partnering with Moneyhub means the company can democratise financial planning.
Takle says his company was founded “to help solve the personal finance problems of aspiring affluent customers by bridging the value and advice gap”.
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