Fintech start up, OpenWrks, is partnering with London based travel budgeting app, Moneycado to revolutionise the way group holiday expenses are managed and repaid.
Based in Nottingham, OpenWrks delivers Open Banking technology to a range of different businesses by building products and services that help people worried about money and make managing their finances easy and convenient. OpenWrks believes that by utilising the power of Open Banking, businesses can gain a better understanding of their customers’ spending habits in real time and create a more seamless experience for them.
Driven by Open Banking, Moneycado connects with bank accounts from multiple people to be able to split and distribute travel expenses whilst on a group holiday. Moneycado recognised an opportunity to remove the stress surrounding awkward conversations of splitting bills between friends and family whilst travelling. Together with the capabilities of OpenWrks’ Open Banking platform, Moneycado is making group holidays simpler and freer.
OpenWrks CEO, Olly Betts talks about how OpenWrks provides the Open Banking platform that equips businesses like Moneycado with the capabilities to create a better digital journey for their customers. Betts said, “As an OpenWrks platform, we’re managing the communication with the customer’s bank, they recognise OpenWrks as a provider that is authorised by the FCA. We identify where the customer is spending, how much they are spending and what they’re spending their money on, which then enables Moneycado to deliver the added value on top of that”.
Moneycado Co-Founder, Oliver Mitchell is passionate about the features of Moneycado and the ability to deliver their customers a money management app with a difference. Mitchell said “Traditionally, people on group holidays have organised group expenses in a manual way, or through guesswork. Moneycado’s mission is to revolutionise the way groups manage and split their expenses whilst travelling, by making a simple and effortless digital experience. By working with OpenWrks, we can utilise Open Banking technology to provide us with real time transactional data from our customers to be able to give them a product that helps them avoid any awkward money conversations with friends and to make splitting expenses whilst travelling easy”.
Both Betts and Mitchell recently featured on a videocast by 11:FS to talk about the opportunities that Open Banking presents in creating products that use a digital solution to enable better customer outcomes.