Just days after receiving its Financial Conduct Authority (FCA) approval, Emma Technologies announced it has integrated with challenger bank Monzo. Emma is currently building the banking app for millennials (iOS and Android), which is described as a mobile-only solution that helps consumers avoid overdrafts, find and cancel subscriptions, track debt and save money. The company reported that the app may save customers up to £600 a year by solving these four problems.
“This integration projects Emma into Open Banking, which comes with thousands of possibilities for new businesses and companies like Emma. We truly believe the integration with Monzo will create synergies and provide customers an enriched overview of their finances across all their accounts.”
Tom Blomfield, CEO and Co-Founder, Monzo, also commented:
“Making an API available opens up loads of new opportunities, for fintech companies like Emma, and for our customers. Our goal at Monzo is to give our customers more visibility and control over their money. Through our API, integrations like this become possible, meaning our customers can choose to access useful new services to help them manage their money.”
As previously reported, Emma notably wants to give customers a different banking experience. The company believes anyone should have an advocate that is able to help in the daily life, no matter who they are and where they come from. Moreni recently revealed:
“We believe people deserve a private wealth manager that only serves their interests and is able to improve their finances. Open Banking will enable Emma to disrupt the personal finance industry and help consumers save more money.”