Open data and payments platform Moneyhub has partnered with financial planning and banking app Pennyworth to develop a new service for “aspiring-affluent” consumers.
The planning tool, which has been developed by Pennyworth and is powered by Moneyhub’s APIs, uses a combination of Open Banking, Open Finance and machine learning to turn goals or targets into a customised financial plan and track progress against those targets.
It is aimed at those consumers earning between £40,000 and £150,000 who would benefit from financial guidance but are typically not earning enough to become a client of a wealth management firm or private bank, Pennyworth and Moneyhub said.
London-based Pennyworth was founded in 2020 by Jeremy Takle and Ben Harvey, formerly managing director and head of product at Barclays’ US digital consumer bank, and is designed as a banking app for busy professionals, business owners and company directors. It has applied for a UK banking licence.
Sam Seaton, CEO of 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.”
Pennyworth cited the breadth of Moneyhub’s API connectivity and its ability to pull in the full scope of a consumer’s financial data as the reason for partnering.
Pennyworth CEO Takle 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.”
In April, Moneyhub launched an alpha sandbox to demonstrate to pension providers how pensions dashboards could work, ahead of the April 2023 deadline, when it will become mandatory in the UK for pension providers to make their data available to dashboards.