Santander Group has acquired Albert, an invoicing and expenses app for sole traders and micro-businesses.
Santander bills the acquisition as part of its mission to support the UK’s 5.7 million small business owners.
Lindsey Argalas, Santander Group chief digital and innovation officer, says: “It is our shared belief that small businesses owners should have access to the tools that help them work smarter, and that deliver the same instant, seamless and personal experiences in finance, as they get in their daily lives.”
Santander has bought out the entire team and technology of Albert for an undisclosed amount.
The banks says the Albert app will continue to operate business as usual and there will be no disruption to the service enjoyed by its customers.
Santander is currently applying for funding from the Royal Bank of Scotland bailout fund as part of a project to build a digital bank for SMEs. The Spanish giant's new unit will offer smaller firms lending but also other services, such as help with payrolls and pensions.