News – News
The top four money management apps crowned winners of Open Up 2020
13 October 2020
- Catherine Thompson
Four open banking-enabled money apps – Mojo Mortgages, Moneybox, Plum and Wagestream – have today been named winners of the Open Up 2020 Challenge.
The announcement comes as new research from Open Up 2020 finds over half of people are currently trying to prepare their finances for a winter lockdown. Three in ten are struggling to keep on top of their money each month and four in ten want personalised guidance and support to help them manage their money better.
Open Up 2020 was designed to encourage innovation to address some of the longstanding financial issues faced by society. The four apps which have secured a further £150,000 grant to help their apps reach more customers are:
Mojo Mortgages
Mojo’s MortgageScore™ combines credit scoring and open banking data to determine if a customer is mortgage ready. Once a customer’s score is calculated, the MortgageCoach™ feature provides personalised advice on how they could improve their score.
Moneybox
Moneybox is an innovative app helps customers save and invest for their future. Users can set money aside through round ups, one off or regular deposits, and choose from a range of products including Stocks & Shares ISAs, Lifetime ISAs, savings accounts and pensions.
Plum
Plum is a clever app that sorts all the tricky parts of money management and makes building wealth effortless. Plum automatically sets aside small amounts every few days, finds better deals on bills, offers spending insights and invests the money to help people be better off over their lifetime.
Wagestream
Wagestream allows employees to stream a proportion of their income as it is earned, save directly from their salary, track their wages and bank balance, and set smart payment reminders in real-time.
Using technology to help those facing financial hardship
The winners were selected from a pool of 107 applicants, which were whittled down to 15 finalists.
All finalists received both financial and non-financial support through Open Up 2020 and since the start of the Challenge, their collective open banking users in the UK have more than doubled.
This growth in the use of open banking is reinforced by recent data from OBIE, which reveals users of open banking-enabled products now exceed two million, doubling in just over six months.