By Ryan Weeks on 2nd August 2018
The integration has been high on Moneybox users’ wish-list.
Santander customers can now round up their purchases to the nearest pound and invest their spare pennies via the fintech app Moneybox.
The new functionality is possible thanks to an Open Banking integration between Moneybox and Santander, the bank’s first. Moneybox already uses an account aggregation service to connect to a number of banks, but this service does not support Santander.
The Open Banking framework gives third-parties – often fintech firms – the ability to access customer data held by major banks, providing customers give their consent. The new rule-set went live earlier this year. A Moneybox representative told AltFi that Open Banking will allow the app to improve its connections with existing bank partners, as well as allowing it connect to new partners like Santander.
Moneybox has seen high demand for a Santander integration from its customers, with a waiting list of 20,000 people set to be notified about the deal today. The app is already integrated with leading digital bank Monzo.
Charlie Mortimer, co-founder of Moneybox, said in a statement: “Santander round ups has been our most popular feature request since we launched Moneybox. The integration will enable thousands of new customers to start investing for their future with Moneybox. We are determined to break the mould and make investing clear, simple and easy to achieve.”
Opting to keep things simple, Moneybox offers three tracker funds as its investment options.
Moneybox recently hauled in a £14m Series B investment led by Eight Roads, the investment arm of global asset management giant Fidelity International Limited.