Bean, a UK-based comparison app which helps users find savings, has officially launiknched its service after receiving approval from the Financial Conduct Authority (FCA).
The app connects to individual bank and credit card accounts and tracks all regular payments, including subscriptions and household bills. It alerts the users to opportunities to save money through switching or allowing them to cancel altogether.
Approval from the Financial Conduct Authority means the platform can now share switching deals across the bills marketplace on insurance and credit products, as well as other services, such as broadband, utilities and subscriptions. This allows people to easily automate saving through Bean’s app.
The company claims that more than 50% of a consumer spend is due to reoccurring payments, such as a Netflix or Spotify subscription.
Bean’s CEO, Peter Myatt, said: “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 doesn’t just show you a dashboard of your personal finances, it actually notifies you about better deals and potential savings across the bills marketplace and helps you get rid of unwanted subscriptions, without any hassle. Previously you had to search around for a good deal and then manage your own cancellations or switches. Being regulated sends out a strong message to users that Bean is not just helpful but is a responsible and secure service that can be trusted.”
The company was co-founded by Peter Myatt and Jamie Curran. Prior to Bean, Myatt was working as Head of Strategy at Zoopla and uSwitch. While Curran spent thirteen years developing complex technical systems and managing and scaling technical teams. Bean was previously part of the Barclays Accelerator 2017 London cohort.
To protect the data shared on the app, use 256-bit SSL encryption, the same used by banks, to encrypt all of the information shared. It is registered with the Information Commissioner’s Office (ICO) – the UK’s independent body set up to uphold information rights in the public interest.
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