More AISPs have been added to the post-Open Banking list.
Flux and Moneybox are the latest fintechs to receive authorisation from the Financial Conduct Authority as an Account Information Services Provider (AISP). Under the new PSD2 regulations, which went live on January 13th, all data sharing services will now be supervised by the FCA.
A graduate of Barclays’ start-up accelerator programme in 2017, Flux raised more than $1.5m in a seed round led by PROfounders in September.
The fast-growing platform delivers real-time receipts, including item data and VAT, directly to the user’s mobile banking app by linking up its software through bank cards to the retailer’s point-of-sale (PoS) system.
Meanwhile, the Moneybox app allows users to round up purchases and invest the spare change into one of three passive funds, depending on the user’s preferred risk.
In a statement celebrating the news, Flux said: “We’re exploring exciting complimentary ways to work with the Open Banking APIs (now accessible to us as we are now a regulated AISP).
“There will be no change in the service we currently provide to customers across Starling Bank, Monzo Bank and soon Barclays Bank. As a Flux customer, this new authorisation underlines Flux’s commitment to the highest levels of transparency, security and diligence when it comes to handling your transaction data. The key difference is our service is now supervised by the FCA.”