New neobank Pennyworth launches

By Daniel Lanyon on Tuesday 26 October 2021

Digital Banking

Pennyworth is a new digital bank founded by two former Barclays executives to serve aspiring affluent individuals neglected by traditional banks.

New neobank Pennyworth launches
Image source: Pennyworth

Aspiring new neobank Pennyworth has launched its app to UK consumers.

The app has been in beta testing since early in 2021 after breaking cover in October last year and is now live both iOS and Android users with a goals-based saving functionality.

Pennyworth, started by two former Barclays executives, seek to serve “aspiring affluent individuals” who it says are neglected by traditional banks.

“Pennyworth was founded to help busy professionals, managers and business owners plan for and achieve their most important life aspirations. Its new app puts people in control of their financial futures by helping them prioritise goals and create tailored financial plans in a few taps,” according to a media statement.

Jeremy Takle, founder and CEO of Pennyworth, said: “Pennyworth serves people with complex financial needs that would benefit from better planning but don’t yet have sufficient income or savings to warrant wealth management or private banking services.”

“Traditional banks have neglected aspiring affluent individuals, who have complex needs but can only access generic financial products. We are putting a digital bank manager in peoples’ pockets and providing an alternative financial planning process fee-free.”

It's unclear when Pennyworth will launch services such as interest-bearing savings accounts or credit but its - now public - app shows the functionality alongside a "coming soon" tag. 

While the banking challenger has suggested previously that it was seeking a full banking license it has also said that it would look to utilise open banking and aggregate other accounts of users. Again the account aggregation service is not yet live.

 

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