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Debt tracker app Emma receives FCA approval

Billed as “the banking app for millennials”, Emma is now registered to operate fully under PSD2.

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Billed as “the banking app for millennials”, Emma is now registered to operate fully under PSD2.

Emma Technologies Ltd. has received FCA approval to operate as a Registered Account Information Service Provider (RAISP), allowing it to keep moving after launching its closed beta late last year.

The mobile app allows users to avoid overdrafts, find and cancel subscriptions, track debt and save money. According to Emma’s CEO and co-founder, Edoardo Moreni, the app can help consumers save up to £600 a year through its focus on decreasing automated outgoings that often go unnoticed.

The platform only applied for FCA approval in October last year, demonstrating a rather remarkable turnaround time for registration by the Authority who were pressed for time to meet last week’s PSD2 launch date.

However Moreni does not expect this to be the case for all fintechs looking to be approved after January 13th, suggesting that the pace will slow down now as PSD2 passes and the FCA comes under less pressure.

Emma’s CTO, Antonio Marino, commented on the news: “We started developing Emma on a mission to improve people’s financial wellbeing. We are thrilled to announce the FCA has given us full permission to achieve our goal.”

Emma’s new status now leaves it open to utilise various Open Banking APIs available and pursue integration partnerships from banking challengers in the space such as Revolut and Starling. Digital bank Monzo announced the launch of its interim API for AISPs at the end of last week, mentioning Emma as a possible future partner for its banking app.

“We are happy to share we are currently working to integrate a series of challenger banks and savings solutions to further extend our offering,” continued Marino.

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Edoardo Moreni

CEO and co-founder


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