Fintech app Emma moves into the savings market
The savings market has become an increasingly competitive and lucrative battleground for fintechs in the past year as interest rates rise and inflation eats away at cash.
Emma, the open banking powered personal finance app, has launched a new savings feature for its 1.3 million UK customers.
The new Emma Easy Access Pots offer 2.43 per cent AER, with FSCS protection, and have been launched through a partnership with Bondsmith.
Since launching in 2019, Emma has offered customers the a overview of their financial lives using open banking. The company claims to account for c.10 per cent of all UK Open Banking volume.
It is not its first foray into directly offering financial products, however, having launched commission-free stock trading in July 2022.
“Emma first and foremost use case is to save customers money. We have been doing this for the past three years by offering insights and tracking functionality on top of Open Banking data,” said Edoardo Moreni, CEO of Emma.
“Starting from today, our customers will also be able to actively save and earn interest on their deposits. This is a huge shift in terms of functionality and a leap forward to achieve our mission to improve customers’ financial wellbeing," he added.