Bean is built to help users get on top of their recurring payments.
A new fintech money management app named Bean has been given the go-ahead by the City regulator. The FCA has also granted Bean authorisation to operate under Open Banking rules as an Account Information Service Provider (AISP).
Differing from others in the personal finance management space, Bean connects with a user’s bank accounts and credit cards to track all regular payments in order to identify those that could be cancelled or switched to save money. It does not categorise spending as some of its competitors do.
The sort of payments it specialises in are subscriptions and household bills. On occasion, it will discover outdated items that can be cancelled, but more typically the app will simmer away in the background and suggest cheaper options when contracts are nearing expiry. In many cases it can also handle cancellation and switching duties on behalf of its users.
So far it has focused on things like broadband, utilities and subscriptions, but its authorisation by the FCA means that it may now begin to share switching deals on insurance and credit products.
The Bean app is already tracking more than £190m of spending on behalf of its users. It says that recurring payments account for more than 50 per cent of consumer spending.
“Consumers are increasingly signing up to the products and services they love using monthly or annual payments. But they fall into subscription traps and miss out on savings if they don’t keep on top of their spending,” said Peter Myatt (pictured), CEO of Bean.
“Bean doesn’t just show you a dashboard of your personal finances, it actually notifies you about better deals and potential savings across the bills marketplace and helps you get rid of unwanted subscriptions, without any hassle. Previously you had to search around for a good deal and then manage your own cancellations or switches.”
Prior to founding Bean, Myatt was head of strategy at Zoopla, where he supported the company’s IPO and its acquisition of uSwitch.com.
You can listen to the Millennial Money Matters episode on Bean, featuring Myatt, below.