3 fast -growing UK FinTechs in the personal finance space

By Megha Bhattacharya

The significance of personal finance management apps has increased since the beginning of the pandemic. Tracking our daily, weekly, or monthly expenses and saving periodically is a beneficial habit and enables us to maintain a healthy financial condition.  However, tracking expenses, income, and investments consume a considerable amount of time and involve miscalculations.

Here are 3 personal finance apps that help customers digitally manage finance and reach savings goals-

1. Yolt

FinTech Yolt is a smart money platform with two offerings, including the Yolt app and open banking platform, Yolt Technology Services. The company has offices in London and Amsterdam.

Last year, PPS, previously PrePay Solutions and subsidiary of Edendred, announced its partnership with smart money app, Yolt in a bid to support the latter in launching its first physical card. Yolt will be leveraging PPS’ technology and licensing for enhancing its product experience as well as offering customers with an e-money account linked to PPS powered Mastercard debit card.

Recently, Yolt Technology Services (YTS) has been granted a PSD2 license from the FCA, enabling it to continue its payment services activities including Payment Initiation Services (PIS) and Account Information Services (AIS) under its own independent FCA license. According to Yolt Technology Services, the FCA license will enable it to expand its regulatory services to businesses without a PSD2 license.

2. Money Dashboard

UK-based Money Dashboard is a free online personal finance management service that provides users with the ability to view all of their online financial accounts in one place and categorises and analyses all of their transactions so they can understand how they use money.

The FinTech recently integrated with three new account providers, including Revolut, Chip, and Marcus, by Goldman Sachs for allowing the customers to track their budgets, savings, and spending, irrespective of their banks. It also raised around £4.6 million on the crowdfunding platform CrowdCube after reaching its initial target of  £1.5 million in under 45 minutes.

Money Dashboard selected open banking infrastructure provider, Token.io in a bid to integrate the latter’s Token Pay into the new app.

Money Dashboard connects to over 60 financial institutions, including challenger banks Monzo and Starling, and leverages Open Banking, a government initiative implemented to free up the way consumers share their financial data with regulated third parties.

3. Moneyhub

UK-based Moneyhub aims to improve the financial well-being and boost customer financial empowerment. The company launched its new suite of FinTechs, stating that customers using its APIs would be able to switch on the new features in a bid to allow them to get to market faster

Recently, the FinTech collaborated with Aon in a bid to power the development of its financial wellbeing app ‘Well One Money’. Aon has been using Moneyhub’s Open Finance data and intelligence platform with results showing that employees using the financial wellbeing app can save an average of £850 per year.

The company entered into a partnership with London-based personal finance solutions provider Lumio to boost financial management for customers by bringing their bank, savings, pensions, and investments, in one place. Lumio leverages Moneyhub’s full suite of Data APIs for providing users with a range of accounts on the market.