UK digital challenger bank Tandem has stepped up its aggregation game by agreeing to acquire personal finance app Pariti. Financial terms have not been disclosed.
The Pariti app connects to a user’s existing bank accounts, analyses their spending history, and helps them set a target for improvement. The startup, which claims more than 95,000 users, has integrated with the likes of Zopa and Lendable to help clients find ways to improve their financial health.
Following the acquisition, which is subject to regulatory approval, Pariti users will continue to be able to access all their accounts in one place via the Tandem app.
Tandem is also getting Pariti CEO Matthew Ford and CTO Peter Townsend, who have established themselves as leaders in the aggregation field. Both worked at personal finance app OnTrees before setting up Pariti.
Ricky Knox, CEO, Tandem, says: "We’re thrilled to have the team from Pariti on board. Both Matthew and Peter are incredibly talented guys who will be able to contribute to our banking app from day one.
"Pariti was leading the pack when it came to account aggregation and acquiring this app will give a boost to our already advanced offering."
Tandem also recently inked a deal with AI experts Personetics to give users personalised insights into their daily spending through notifications about unusual spending activity, tips on how to avoid fees, and insights on potential problems and opportunities.