Bean is a digital personal finance manager which gives customers the ability to find, track and manage their bills and subscriptions in one app by linking to their bank accounts. Thanks to new Open Banking regulations that came into force in January 2018, it is becoming easier for customers and small and medium-sized businesses to share their transactional payments data securely with third party providers who are developing innovative propositions. Following the acquisition, BGL plans to develop the Bean proposition and in so doing develop a new capability to support Group-wide digital aspirations.
Bean’s team will join BGL on completion and will be based at the Group’s digital innovation hub at White Collar Factory in Shoreditch.
The deal marks BGL’s first steps into the Open Banking market and reflects both the Group’s growth strategy and its stated ambition to explore and develop new ventures.
BGL Group CEO Matthew Donaldson said: “We are committed to exploring new opportunities which are the right fit for the Group, and there’s a natural synergy between BGL’s track record for digital innovation and price comparison and the emerging Open Banking sector.
“Peter, Jamie and the team have huge talent and a good start up product in Bean. I see great potential in Open Banking to help our customers compare, switch and save, and I’m very much looking forward to working with the Bean team as we explore both the product and the wider sector further.”
Bean CEO and founder Peter Myatt said: “We’ve had a fantastic journey building Bean over the past two years, and we’re really proud of what we’ve created and how we are helping people manage their regular spending.
“We know that Open Banking offers a wealth of opportunity, and combining Bean with BGL’s scale and distribution expertise is the perfect way for us to unlock the potential of this business and bring the benefits to more customers.”
Source: Company Press Release.
