In the first of a series of interviews with fintech leaders, Roaring Mouse’s James Taylor talks to Jeremy Takle and Ben Harvey – founders of digital bank Pennyworth – about their plans and expectations for 2021, what Brexit means for UK fintech, and the likely impact of technology giants moving into financial services.
Pennyworth, which aims to serve the needs of an ‘aspiring affluent’ group of young professionals and middle managers, began the pre-application process to become an authorised UK bank in March 2020.
Instead of competing for consumers’ current accounts, Pennyworth will enable its customers to integrate and experience personalised banking across their existing accounts through Open Banking and AI. Financial planning insight will be a core part of Pennyworth’s service with tailored support to help customers define and track progress towards their life goals.
Pennyworth will also help its customers achieve their goals faster by offering high-yield savings and deposits, low-cost loans and overdrafts, and the ability to contact their Pennyworth bank manager through a single click of a button in its app.