Pennyworth Financial, a financial planning app, is about to complete its bank application process, according to co-founder and CEO Jeremy Takle.
Facts
- Pennyworth Financial was founded by Jeremy Takle and Ben Harvey, both former executives of Barclays’ US digital consumer bank, in 2020.
- The company launched an original version of their app to UK customers in 2021 focusing on financial planning and wealth management.
- Pennyworth raised a pre-seed funding round in March 2022 to proceed with the banking licence application. An angel investor led the funding round with a follow-up crowdfunding round on Seedrs, where they raised over £784,000.
- The target audience of Pennyworth Financial are “aspiring affluent” customers with either incomes or liquid savings of over £40,000.
- The company’s app offers automated financial planning functionality partnered with Moneyhub to leverage open banking and AI capabilities.
- Pennyworth Financial plans to add more financial products and features, including a transition towards banking capabilities as it nears obtaining a banking licence.
- The company aims to attract customers to a free-to-use financial planning experience to help them identify better savings, better loan rates, and other better financial features to close the value advice gap.
