The owner of British comparison giant comparethemarket.com is entering a new territory.
Signalling its foray into the open banking market, BGL Group has signed an agreement to acquire the company behind personal finance app Bean. The swoop for Saverd Ltd will see BGL develop the Bean proposition, which allows users to track and manage their bills and subscriptions in one app by linking to their bank accounts.
Once the deal is completed, the Bean team will join BGL at the latter’s digital innovation hub at White Collar Factory in Shoreditch.
“We’ve had a fantastic journey building Bean over the past two years, and we’re really proud of what we’ve created and how we are helping people manage their regular spending,” commented Peter Myatt (pictured), chief executive and founder of the digital personal finance manager.
“We know that open banking offers a wealth of opportunity, and combining Bean with BGL’s scale and distribution expertise is the perfect way for us to unlock the potential of this business and bring the benefits to more customers.”
BGL is also known for its affinity insurance provider Junction, online life insurer BeagleStreet.com, and French brand LesFurets.com.
“We are committed to exploring new opportunities which are the right fit for the group, and there’s a natural synergy between BGL’s track record for digital innovation and price comparison and the emerging open banking sector,” noted CEO Matthew Donaldson, who sees great potential in open banking to help customers compare, switch, and save.
“I’m very much looking forward to working with the Bean team as we explore both the product and the wider sector further,” said the BGL boss.