Money management app Emma and savings app Chip launch partnership that allows customers to more closely track their cash.
The two start ups have signed a partnership that allows users to track their automatic savings and goals within Emma’s dashboard.
This lets customers more easily scrutinise their spending habits through a range of features, such as alerting users when they are close to hitting their overdraft. The service goes live today.
The partnership takes advantage of Open Banking agreements, which mean consumers can allow businesses, other than their bank, to access their financial data. A change in European Union financial services law at the start of the year has ushered in a number of new services under this scheme.
Advocates of Open Banking say it allows customers to get better deals, such as cheaper overdrafts, and speed up switching between banks.
London-based Chip, founded three years ago, raised £4m in its series A funding round on funding platform Crowdcube last November, the largest crowdfunding in UK history. The start up says it has over 100,000 customers.
Emma, also based in London, was founded last year and raised £500,000 of seed financing in July, led by Kima Ventures, one of the first investors in powerhouse money transfer fintech Transferwise.