- Moneyhub is partnering with Money Squirrel to provide open banking technology for Money Squirrel’s new small business financial management app.
- Money Squirrel’s new app is aimed to automate VAT savings and optimize cash flow.
- The collaboration comes as regulations like PSD2 continue to shape the open banking landscape across Europe.
Data and payments fintech Moneyhub unveiled this week that it has been selected by Money Squirrel to power its new small business financial management app.
Launched last month, Money Squirrel’s app aims to help businesses manage their finances and optimize their cashflow. The UK-based company will leverage Moneyhub’s open banking-enabled API technology to power the platform. Money Squirrel’s tools allow businesses to automate saving for future VAT payments. Once businesses connect their savings accounts, Money Squirrel places incoming funds into high interest rate accounts to maximize returns on sedentary cash, according to the business’ preference.
“Having Moneyhub’s API technology has been critical to launching our app, but it’s also encouraging to be aligned with them on the aim of making open banking and open finance more inclusive,” said Money Squirrel Founder and CEO Andreea Daly. “Having founded a business, I’ve experienced the frustrations of managing cash flow – spending countless hours calculating VAT and budgeting for future expenses. Therefore, we know firsthand how having the technology to remove these frustrations can unlock so much potential for businesses.”
Founded in 2023, Money Squirrel was selected to participate in the SHIFT open finance community’s dedicated fintech incubator, Ignite. The program provides financial support, expert guidance, and industry networking opportunities.
Moneyhub was founded in 2014 and sells personal finance technology tools, open data APIs, decisioning solutions, and payments capabilities. The company helps businesses leverage open data to enhance the financial wellness of their customers, communities, and businesses.
“Collaborating with Money Squirrel is a significant step in making open banking technology accessible to both SMEs and larger institutions,” said Moneyhub MD of API Kim Jenkins. “We are thrilled to help simplify financial management and unlock growth opportunities for smaller businesses by powering Money Squirrel’s app with our API. This partnership highlights our commitment to driving financial inclusivity and innovation across the board.”
As regulations like PSD2 continue to evolve across Europe, businesses are increasingly adopting open finance solutions to gain better control over their financial operations. By automating tasks such as VAT planning and cash flow optimization, fintechs like Money Squirrel can help businesses reduce administrative burdens, improve liquidity management, and make more data-driven financial decisions.
Moneyhub has demoed its technology at FinovateEurope 2015 and FinovateEurope 2017. This year’s FinovateEurope event is just a few weeks away. Learn more about this year’s demoing companies and register to attend to take part in the action.