Moneyhub joins forces with Pennyworth to democratise financial planning

by | Jul 21, 2022

Share this article

Facebook Open Graph

Moneyhub, the market-leading Open Data and payments platform, is partnering with Pennyworth, a financial planning and banking app,​​ to redesign digital banking for the aspiring-affluent consumer.

Pennyworth, which has applied for a UK banking licence, has developed a unique planning tool powered by Moneyhub’s award-winning APIs. The tool uses a combination of Open Banking, Open Finance and machine learning to turn goals into a customised financial plan and track progress against those targets.

The new service is tailored for aspiring affluent consumers: With salaries of between £40,000 and £150,000, such consumers would benefit from financial guidance but are typically not considered wealthy enough to be taken on as clients of wealth management firms or private banks. Meanwhile Pennyworth has identified that traditional banks tend to offer poor savings rates, high borrowing costs and very limited financial planning support.

The new partnership bridges the value and advice gap and seeks to democratise financial planning. And with a cost of living crisis squeezing household incomes in the UK, there’s never been a better time for consumers to review their finances and seek appropriate guidance.


After an in-depth selection process, Pennyworth chose Moneyhub as its technology partner due to the breadth of Moneyhub’s API connectivity and its ability to pull in the full scope of a consumer’s financial data, from pensions to savings and investments, as well as bank accounts. This compliments Pennyworth’s objective to design financial goals that take a holistic view of a consumer’s finances.

Sam Seaton, CEO at Moneyhub saidSetting 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.”

Jeremy Takle, CEO at Pennyworth saidPennyworth 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. We are delighted to partner with Moneyhub to play our part in democratising financial planning.”


Share this article

Related articles

IFAM 128 | Spring forward | May 2024

IFAM 128 | Spring forward | May 2024

Welcome to the May edition of IFA Magazine.  As usual, within it we bring you a range of insight, analysis and information from experts across the profession. It’s all intended to support you and your teams, not just in what you do but how you do it.  The considerable...

IFAM 127 | Not if, but when | April 2024

IFAM 127 | Not if, but when | April 2024

Not if, but when… Spring finally seems to have arrived! Since our last edition, we have had the Spring Budget and the Bank of England (BoE) rate announcement to name but a few important landmarks. This has kept us, like all of you I am sure, quite busy over the last...

Sign up to the IFA Magazine Newsletter

Trending articles

IFA Talk logo

IFA Talk is our flagship podcast, that fits perfectly into your busy life, bringing the latest insight, analysis, news and interviews to you, wherever you are.

IFA Talk Podcast - listen to the latest episode