Following an initial angel investment round, the platform is opening up to the public, letting business owners, investors and all those passionate about digital banking become Manigo stakeholders.
The mobile banking app provides users with a multicurrency wallet attached to Mastercard debit cards, with funds being held in ring-fenced Barclays accounts and secured by Paysafe Financial Services.
Designed to meet all consumer needs, other features include a built-in messaging application with a social payments facility, and a stand-alone budgeting function. The consumer account is currently available to all EEA residents.
In time, Manigo will also offer business and merchant accounts with expense automation, employee debit cards and international payments. Competitively, FX between currencies in-app will be at no cost to the user.
The platform hopes to include an open marketplace to allow businesses to integrate Manigo’s services into their business offering, referring to it as “the Amazon marketplace for banking and finance”.
The challenger banking app is entering a saturated space, at a time when most digital banking services are offering similar functionality. But Manigo seems undaunted.
“What customers nowadays want is a simple customer experience. It is no longer relevant who is providing the financial service, but simply that it works well and that customers’ money is safe,” said Stevan Bajic, CEO of Manigo.
According to data from Manigo, the number of UK mobile banking users is set to almost double from 17.8m to 32.6m by 2020. Bajic suggests that the fintech boom has led to a plethora of financial apps which leaves customers overwhelmed, something that he is trying to counteract with the launch of Manigo.
“Banking is becoming a commodity. The focus has turned to a seamless customer experience, which is ultimately where the true value is,” he commented.