Pennyworth Financial, a new financial planning app and aspiring challenger bank founded in 2020 by former executives of Barclays’ US digital consumer bank, is at the end of its bank application process with co-founder and CEO Jeremy Takle stating that banking authorization is “in sight.” The app was launched in 2021 focusing on financial planning and wealth management, with the aim to apply for a bank licence to expand the offering and add additional capabilities.
Facts
- Pennyworth is at the end of its bank application process.
- The start-up was founded in 2020 by Jeremy Takle and Ben Harvey, two former executives of Barclays’ US digital consumer bank.
- The company raised a pre-seed funding round in March 2022 to proceed with the banking licence application.
- Pennyworth is targeting “aspiring affluent” customers with either incomes or liquid savings of over £40,000.
- The latest version of the app has an automated financial planning functionality that leverages open banking and AI capabilities from the company’s partnership with open finance and data platform Moneyhub.
- Pennyworth plans to add more financial products and features, including the aforementioned transition towards banking capabilities.
- Pennyworth will not feature current accounts and cards.
