Mespo, the London based impartial money manager, and My Community Bank, a credit union with nationwide reach, have entered a partnership to improve the financial wellbeing of UK consumers.
The partnership is the first of its kind in the United Kingdom.
Mespo offers UK consumers a new innovative way to manage their money across all their bank accounts and save money on their recurring utility bills through innovative technology. The company is the first to offer not only a wholeof- market comparison of energy suppliers but additionally the possibility for their customers to switch to all suppliersvon the market. Research has shown that this leads to up to £100 of additional savings on energy bills alone for UK households, when compared to using traditional price comparison websites for switching suppliers.
My Community Bank is one of three UK credit unions which form the My Community Bank network covering England, Scotland and Wales. The network currently has more than 8,000 members and has facilitated £2.5m in loans to their members since inception.
My Community Bank also operates the CU Loans platform, which is a shared marketing platform, promoting and processing affordable loans online for an ever-expanding group of Credit Unions. Currently, CU Loans receives more than 50,000 loan applications on their platform every year.
“We are excited to partner with Mespo. It is our main priority to help UK consumers make better choices when it comes to their personal finances. In a short period of time, Mespo has proven that their solution adds value to thousands of consumers each month and with today’s announcement, our loan applicants can get financial support at the point in time when they most likely need it. This partnership is a milestone in our strategy to help our members and applicants improve their financial wellbeing across their entire financial journey,” says Mohsin Mehdi, Chairman at My Community Bank.
The partnership will have several stages with the first being rolled out to consumers currently using the My Community Bank network platform in November 2017. Mespo’s product will be offered to all members; with savings and loans at the time of joining the credit union, to give consumers access to a financial management tool at the point in time when they need it the most.
“We are excited to partner with My Community Bank” says Lukas Zoerner, Mespo’s CEO. “Credit Unions are doing a tremendous job in helping consumers on their journey to financial stability. This partnership is very interesting as it’s a market-first in the UK. This partnership is clearly a milestone in the collaboration between Credit Unions and FinTech companies in general. We are proud to be at the forefront of this movement, together with My Community Bank with whom we have found a partner which shares the same goals as Mespo.”
To date, Mespo has helped consumers save on average £288 per year on energy bills alone and has seen strong growth in customer volume over the last months. Over the next months, the company intends to invest more into their comparison platform to offer consumers more savings on a variety of products.
Mespo’s product is available free of charge and to sustain full impartiality when it comes to comparing various products such as energy suppliers, Mespo takes a 10% success fee over a period of 12 months.