London startup B-Social is on its way to creating a new mobile bank with a £3.2 million seed round form undisclosed angel investors.
The company quietly released its live app in June and a beta debit Mastercard issued by Wirecard.
Undergoing testing by a select group of staff and investors, the app enables users to track spending and set up social groups to split bills and transfer cash. Users can make purchases on behalf of the group and split the expenses across the app.
B-Social says it aims for a wider circulation of the app in February and is currently applying to the prudential Regulatory Authority and FCA fior a full banking licence.
Editorial | what does this mean?