Move over millennials: Santander UK has unveiled a new money management app called KiTTi, designed to bring twenty-somethings into the world of social savings.
Designed in partnership with Finovate alums, Kalixa Payments (FinovateEurope 2013) and Monitise (FinovateFall 2007), KiTTi lets up to 100 friends create collective “pots of money.” The “Cash Kitty” can be funded via a KiTTi prepaid contactless MasterCard up to £4,000, and the account can be monitored with a downloadable app available on both iOS and Android.
See Santander UK’s video introduction to Kitti below.
The service is available to any U.K. bank customer over the age of 18. Friends can be invited to join from within the app or by text message. More than one KiTTi account can be managed by a single KiTTi card, and KiTTi can be used for payments in both the UK and overseas. A fee of 35p is applied to each KiTTi transaction.
Sam Nixon, head of KiTTi at Santander, called the app unique to the United Kingdom and “perfect for the WhatsApp generation.”
KiTTi was designed by Monitise Create, the company’s “design and innovation” studio. Alistair Crane, chief sales officer at Monitise, called it a “major step forward in social banking and payments.” Crane says the relationship between Monitise and Santander will offer still more: “We are progressing a number of home-screen, ‘human-first’ innovations which will ultimately transform the way consumers interact with their money,” he said.
Payment functionality for KiTTi comes courtesy of Kalixa, which includes both the mobile wallet and the prepaid contactless card, as well as handling customer services, KYC, and AML systems. Jonathan Bennett, chief commercial officer for Kalixa, put KiTTi “at the crest of the wave” that is replacing cash with “simple, inclusive, sustainable services made possible by mobile.”
Kalixa was founded in 2007 and has offices in the United Kingdom and Austria. Edward Chandler is CEO. London-based Monitise was founded in 2003. Alastair Lukies is founder and CEO.