Payments platform, Moneyhub, has announced a new partnership with financial planning and banking app, Pennyworth.

A planning tool powered by Moneyhub’s APIs has been developed by Pennyworth, which has applied for a UK banking license.

The tool uses a combination of open banking, open finance na machine learning to turn goals into a customised financial plan and track progress against those targets.

Pennyworth indicated that the new service will be tailored for aspiring affluent consumers with salaries of between £40,000 and £150,000. The firm suggested that such consumers benefit from financial guidance but are typically not considered wealthy enough to be taken on as clients of wealth management firms or private banks.

“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,” commented Moneyhub CEO, Sam Seaton. “It is our pleasure to partner with Pennyworth to offer an Open Finance solution for the aspiring affluent consumer.”

Pennyworth CEO, Jeremy Takle, added: “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.”

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