We have some very exciting OpenWrks and Tully news...
As of 15th November, Lowell signed a contract with OpenWrks to be the first client to launch with MyBudget in January 2020.
Lowell is the largest debt purchaser in the UK and one of the largest credit management companies in Europe, so a fantastic company to work with, with plenty of scope for the future.
Come January, Lowell will be using the MyBudget tool to offer their customers struggling with debt the option to complete their income and expenditure digitally rather than manually. This will allow Lowell to create more realistic and affordable budgets for their customers, which in turn will encourage their customers to set up and stick to more sustainable and affordable payment plans.
Lowell have over 2 million active customers and another 7 million inactive, so there is huge potential for Lowell to use the MyBudget tool to support thousands of customers per month.
This partnership will also give us plenty of future opportunity with Lowell as they'll be able to utilise OpenWrks connectivity to test other open banking use cases throughout their business.
Next year Lowell will be going live with Tully and will start referring their customers to us. They will be signposting struggling customers in need of debt advice or repayment plans to Tully from their website (where they already signpost to the likes of MAS, Step Change and Citizens Advice), through customer communications and from their contact centre. This is a fantastic opportunity to help those in need of Tully's services as well as increase our brand awareness.
Once again, great work to all those involved, this is an amazing news!