London-based startup Emma Technologies has received approval from the Financial Conduct Authority (FCA), and can now operate under the recently-launched PSD2 scheme.

Emma has created what it calls “a banking app for millennials” on both iOS and Android. The solution aims to help users avoid overdrafts, cancel subscriptions they no longer need, track debt and save money.

The firm entered a closed beta stage in December 2017, with the developers claiming that the app can save its users as much as £600 ($827) a year.

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“We started developing Emma on a mission to improve people’s financial well-being. We are thrilled to on board the thousands who signed up to our wait list,” said Edoardo Moreni, CEO and co-founder of Emma Technologies, at the time.

“We believe people deserve a private wealth manager that only serves their interests and is able to improve their finances. Open Banking will enable Emma to disrupt the personal finance industry and help consumers save more money.”

Antonio Marino, CTO and co-founder of Emma, commented on the FCA approval: “We are thrilled to announce the FCA has given us full permission to achieve our goal. Further, we are happy to share we are currently working to integrate a series of challenger banks and savings solutions to further extend our offering.”

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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