By Oliver Smith on 11th November 2019
Automatic bill payments, saving pots, and rewards and discounts at 80 retailers are what make Cato unique.
Hoping for another UK digital bank to launch? You won’t have to wait much longer as Cato Banking, formerly known as MoneySmrt, is due to launch in early 2020.
Cato is being built with a focus on financial health, according to the company, with budgeting features like automatic bill payments, saving pots, and rewards and discounts.
Last week Cato opened a waiting list to sign up for an account, which its buzzword-filled press release explained would include “a financial wellbeing ecosystem powered by cutting-edge AI, strategic partnerships and advanced technology”.
Co-founder and CEO Simon Phillips said, “Our technology delivers this by tackling the financial issues that not only harm individuals but has a knock-on effect across society from individual communities to the national economy.”
“The AI technology and design of our systems also help our customers to build a habit of good financial practices that improves their overall financial wellbeing.”
Cato’s website claims the company will offer discounts via its app for some 80 retailers, although no names are listed. The startup was also included on PayExpo’s 2018 "minicorn" list of potential firms that could one day reach a $1bn valuation.
Phillips was previously a Business Strategy Consultant at London Mutual Credit Union where he worked on expansion, compliance and product development.