Fintech comparison app Bean finally bites the dust

By Aisling Finn on Monday 9 March 2020

Digital Banking

The personal finance app was acquired by BGL Group in October 2018.

Fintech comparison app Bean finally bites the dust
Image source: Former CEO of Bean, Peter Myatt

 

In a note on its website personal finance management app, Bean, has announced it will close on 16 March 2020 and is not accepting any new sign-ups.

Bean was set up in April 2016 as one of the earliest personal financial management apps, letting you track all regular payments in order to identify those that could be cancelled or switched to save money.

“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,” Bean CEO Peter Myatt told AltFi at the time.

By 2018 Bean reportedly tracked more than £190m of consumer spending through its app, placing it alongside rival Pariti.

However, the market for personal financial management (PFM) apps started to struggle as increasing numbers of digital banks (and regular banks) added smart spending analysis to their own apps.

Pariti was acquired by Tandem Bank in March 2018 and by October Bean was also acquired by BGL Group, which provides insurance and household financial services, notably through comparison website comparethemarket.com.

While the Bean app will shutter as one of the last dedicated PFM apps, it’s not quite curtains for the technology behind the service.

A note on Bean’s homepage even directs customers who are “still looking for ways to save on bills” to the new ‘YourBills’ feature on the well-known comparison site.

Following the acquisition, Peter Myatt, the former CEO of Bean, is a director of Open Banking at comparethemarket.com.

Bean was one of the first personal finance management apps and was BGL’s first foray into the world of Open Banking.

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