Pennyworth, which has applied for a UK banking licence, has developed a unique planning tool powered by Moneyhub’s award-winning APIs. The tool uses a combination of Open Banking, Open Finance and machine learning to turn goals into a customised financial plan and track progress against those targets.

The new service is tailored for aspiring affluent consumers: With salaries of between £40,000 and £150,000, such consumers would benefit from financial guidance but are typically not considered wealthy enough to be taken on as clients of wealth management firms or private banks. Meanwhile Pennyworth has identified that traditional banks tend to offer poor savings rates, high borrowing costs and very limited financial planning support.

The new partnership bridges the value and advice gap and seeks to democratise financial planning. And with a cost of living crisis squeezing household incomes in the UK, there’s never been a better time for consumers to review their finances and seek appropriate guidance.

After an in-depth selection process, Pennyworth chose Moneyhub as its technology partner due to the breadth of Moneyhub’s API connectivity and its ability to pull in the full scope of a consumer’s financial data, from pensions to savings and investments, as well as bank accounts. This compliments Pennyworth’s objective to design financial goals that take a holistic view of a consumer's finances.

Sam Seaton, CEO at Moneyhub said:“Setting and achieving financial goals should not be the preserve of the super-rich: everyone should be able to make the most of their money. It is our pleasure to partner with Pennyworth to offer an Open Finance solution for the aspiring affluent consumer.”

Jeremy Takle, CEO at Pennyworth said: “Pennyworth was founded to help solve the personal finance problems of aspiring-affluent customers by bridging the value and advice gap and Moneyhub’s cutting edge technology helps us achieve that goal. We are delighted to partner with Moneyhub to play our part in democratising financial planning.”