MoneyHub Integrates with Challenger Banks Starling, Monzo

Financial management platform Moneyhub has integrated with the APIs of U.K. challenger banks Monzo and Starling, providing customers of these banks with “a holistic overview of all their financial assets through Moneyhub’s platform,” reported Tanya Andreasyan of FinTech Futures (Finovate’s sister publication).

Integration enables Monzo and Starling customers using the Moneyhub app to choose to link up current and savings accounts, credit cards, pensions, loans, mortgages, SIPPs, ISAs, and investments. Moneyhub said its technology features the most data links of any aggregation provider in the U.K.

Monzo and Starling users will have access to Moneyhub’s proprietary categorization engine and personalized Smart Nudges, the fintech says, “empowering them to make well informed monetary decisions across all assets held and fulfill their financial wellbeing potential”.

Moneyhub is authorized by the U.K. regulators as an account information service provider (AISP), under the new PSD2 and open banking rules. It works with banks, investment managers, pension providers, and employee benefit consultants to provide financial management white labeled solutions and APIs for their clients.

The company stated it is poised to work with all the nine CMA banks when they go live, and is currently integrating with the six that are ready for open banking.

Meanwhile, Yolt, a financial management app from ING, said it has reached 250,000 users in less than a year. The “smart thinking money app” was launched in June last year, and enables users to view their accounts and credit cards in one place.

Yolt, too, has integrated with Monzo and Starling, and also with RBS and Lloyds Banking Group via open API.

Frank Jan Risseeuw, CEO of Yolt, said the app reached 100,000 users in the first six months and onboarded another 150,000 in the following three months.

“We couldn’t have achieved this milestone without the feedback and suggestions from our brilliant Yolt community,” he stated. “We endeavor to listen to each and every one of our users as we continue with our aim to be the only money app that you need.

“We want to do all the hard work for our users, so they can get on with enjoying their lives.”

Headquartered in Bristol, U.K., MoneyHub demonstrated its Moneyhub Enterprise SmartAssist solution at FinovateEurope 2017. SmartAssist is a proactive intelligent messaging tool that helps users make better financial decisions. Moneyhub was acquired by South African insurance company, MMI Holdings, in 2014. Last month, the company sent its CTO Dave Tonge to mainland Europe to further the Moneyhub’s PSD2 strategy.

Finovate Alumni News

On Finovate.com

  • Ephesoft Unveils Mortgage Document Capture Solution.
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  • ThreatMetrix introduces its first product integration with LexisNexis since the company was acquired in February.
  • Finastra makes its mortgage lending solutions available via the cloud courtesy of partnership with Microsoft.
  • Ambassador Michael Froman joins Mastercard as vice chairman and president of strategic growth.
  • Moneyhub opens its API to U.K. challenger banks Monzo and Starling.
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  • Fortytwo Data appoints Luca Primerano as chief AI officer.
  • Coindesk: Mastercard Eyes Blockchain for Fighting Fake Identities.
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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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  • Jack Henry Marks 100 Bank Clients Using Geezeo-Powered Service.
  • Vera Partners with Canon to Enable Data Security Across Devices and Services.

Around the web

  • Moneyhub sends CTO to Europe to implement PSD2 strategy.
  • CREALOGIX, Temenos, and Thomson Reuters win in Asian Private Banker Technology Awards.
  • Alfa Bank teams with Ingenico to enable local card processing in Russia for international merchants.
  • ThreatMetrix President and CEO Reed Taussig recognized by One World Identity as one of Top 100 Influencers in Identity.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateEurope Sneak Peek: Moneyhub Enterprise

MOneyHubEnterprise_homepage_January2017

FE2017-V2-wdate

A look at the companies demoing live at FinovateEurope on the 7 and 8 of February 2017 in London. Pick up your tickets today and save your spot.

Moneyhub Enterprise creates ready-to-use and customisable customer-centric, financial management technologies for businesses and their customers.

Features

  • Offers AI-driven, proactive intelligent messaging helps consumers improve their financial management
  • Suggests user-centric savings, investment, and borrowing options
  • Abolishes unexpected overdraft fees

Why it’s great
Using machine-learning techniques, it alerts users before any fines are incurred and provides simple automated actions to take, heralding the death knell of penalty charges.

Moneyhub_DaveTonge_newPresenter

Dave Tonge, Chief Technology Officer
Tonge is an open source enthusiast leading an amazing team who thrives on creating software to solve real world problems in a user-centric manner.
LinkedIn

 

Finovate Alumni News

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  • Finovate Debuts: Moonraft Innovation Labs

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  • FIS teams with Verifone to enable consumers to pay at the point of sale using loyalty points linked to a credit or debit card.
  • Business Insider names Gusto, App Annie, and BlueVine as 3 startups to bet your career on in 2017.
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  • TransferTo to provide bridge linking between EcoCash and Mama Money mobile money services.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

MoneyHub Teams Up with Unbiased to Help People Manage their Finances

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London-based PFM MoneyHub has partnered with U.K. financial and legal advice-website Unbiased to help financial advisers put their clients “at the center of their financial world.” MoneyHub is calling the partnership “invaluable and unique” because it offers users transparency into finances and helps them plan their financial future.

The new offering integrates Unbiased’s Find an Adviser search tool, which gives MoneyHub users access to the UK’s largest selection of regulated advisers. The tool also helps users determine which adviser is best for their needs. Adding an adviser through the tool facilitates information-sharing between the MoneyHub user and their adviser, who can view an aggregation of the user’s accounts.

Unbiased is offering readers a free trial of MoneyHub’s premium service for a limited time. The company’s CEO Karen Barrett said, “We see technology and financial advice becoming ever more closely intertwined. Rather than replacing face-to-face advice, technology will help to make it more cost-effective and customer-focused.” Barrett added, “This partnership represents a new chapter in the way people relate to their finances, by placing unbiased advisers at the heart of these innovations.”

At FinovateEurope 2015, MoneyHub’s CEO Toby Hughes and CTO Dave Tonge debuted its Ecosystem, an online platform where users aggregate their financial data and information, access financial advice, and connect to products and services from financial institutions. Founded in 2013, MoneyHub was acquired by MMI Holdings in 2014.

Finovate Alumni News

On Finovate.com

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Around the web

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  • Simple celebrates its 7th anniversary, now with 300,000 customers and a little over 300 staff.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

MoneyHub: From Award-winning Startup to Enterprise-based Solution

MoneyHub_homepage_May2015

During a break in the action at FinovateEurope in February, I had the opportunity to sit down with MoneyHub CEO Toby Hughes and his team. MoneyHub was demoing later in the week, and we managed to catch up with him for a quick update.

According to Hughes, the PFM technology MoneyHub would demonstrate at FinovateEurope 2015 in London had been live for 18 months. The platform helps users with both short- and long-term budgeting and financial planning, and was tracking £ 3 billion in assets.

“The project started four years ago,” Hughes said. “It took two-and-a-half years to get the first prototype up and running.” The result was a Best of Show win for a financial management platform that impressed Finovate audiences by its ability to help users find and best deploy future savings toward goals both short- and long-term.

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MoneyHub CEO Toby Hughes and CTO Dave Tonge demonstrated the MoneyHub ecosystem at FinovateEurope 2015.

Founded in 2011 and headquartered in Bristol, United Kingdom, MoneyHub provides a free version of its service (via its YourWealth solution), as well as advanced versions for professional advisory firms, accountants, mortgage professionals, financial advisers, and larger financial organizations that want to use the technology with their own clients. As Hughes describes it, the goal is to put the customer “in the middle of their financial world and let it revolve around them.” He sees strength in not only in centralizing access to all financial data but also in providing financial professionals and their customers with tools to better see and understand the data itself. “Bring all the data into one place. Visualize it, manipulate it, and make choices,” Hughes says.

A year later, the company was back, this time introducing two new features—Choices and Insights—which help customers manage their finances around “non-financial” themes. Hughes also showed how product providers can use the technology to position their products in such a way as to be featured in part of the customer’s life plan.
MoneyHub-goalplanner

The goal-planning module above is part of MoneyHub’s Choices feature. The module is a simplification of a feature called Scenarios which, with its complex financial modeling, was admittedly best reserved for advanced users and financial planners. With Choices, users are able to see graphically and in advance how spending decisions impact preset goals ranging from saving for a holiday to planning for an early retirement. The drag-and-drop interface makes it easy for users to view multiple financial scenarios quickly.

Insights (below) is another new feature on the platform. Insights is also accessible via the Dashboard and provides for interactive sharing between the customer and the financial professional he or she is working with. Insights also features an Interactive News Feed that is driven by the client’s finances and investments. Changes to stocks owned, the arrival of an expected mid-year bonus at work, additional income from rental property ownership, and so on, are all displayed on the client’s dashboard.

MoneyHub-home

MoneyHub’s platform is designed to promote engagement: an interface that relies on simplification, visualization, and “non-financial” themes and goals that clients are comfortable with, and a seamless engagement mechanism through the Insights feature that ensures financial professionals are in tune with their clients’ dynamic financial world. “Our goal is to enable customers and organizations to work together more efficiently and effectively,” Hughes said. “And to enable individuals to answer the question, ‘Will I have enough?'”

Winning Best of Show (as YourWealth) in its first Finovate was big, but the news got even bigger when the company announced shortly afterward that it had been acquired while in the middle of its Series A round of funding. The acquirer, Momentum UK, was a division of MMI Holdings, a major financial services group based in South Africa.

The immediate result was “much more infrastructure and much more funding,” Hughes said. MoneyHub opened up a 120+ person facility in Bristol in February to help the company accommodate the changes. “We’ve gone from a startup-grade organization to an enterprise-based solution,” he explained, and said that the company was planning to “scale aggressively over the summer” in the U.K. market. This plus what Hughes called a “huge” new upgrade of the platform before the end of the year.

Currently the platform is available as a free service, a MoneyHub Premium service that pulls data from your linked accounts automatically for £9.99 a year, and MoneyHub Connect, the service for financial professionals to use with their clients.

Writing in Money Marketing, Ian McKenna included MoneyHub among those innovations that were “directly relevant to the way that consumers are likely to manage their money in the future.” And as far as MoneyHub is concerned, that future is already here.

Finovate Alumni News

On Finovate.com

  • MoneyHub: From Award-winning Startup to Enterprise-based Solution

Around the Web

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  • Zooz and PayItSimple participate in Visa Europe Collab’s “100-Day Innovation Sprint.”
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  • Bank of the West redesigns, launches online banking service but on the Corillian Online platform from Fiserv.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

MoneyHub Demonstrates its PFM Ecosystem

MoneyHub_logo_high-res.jpgThis post is part of our live coverage of FinovateEurope 2015.

MoneyHub is up next, offering a personal finance management solution that puts users in the center of their financial universe.

The MoneyHub ecosystem is a place where users can aggregate their own data and information, access financial advice, and connect with financial institutions and other services.

The MoneyHub ecosystem puts the user at the center of their financial universe, helping them make better choices for their financial future and manage their relationships with financial institutions more effectively.

Presenters: CEO Toby Hughes and CTO Dave Tonge
 
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Product launch: Q2 2015
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), through financial institutions, through other fintech companies and platforms; licensed
HQ: Bristol, United Kingdom
Metrics: MoneyHub is a Bristol-based company in a phase of rapid growth. We currently have 40 employees and will be expanding further throughout 2015. MoneyHug currently tracks more than £3 billion (pounds) in consumer assets daily.
Twitter: @moneyhubapp