Moneyhub supports Money Squirrel to make Open Banking accessible to UK SMEs

UK-based data, intelligence and payments company Moneyhub has partnered with Open Banking platform Money Squirrel to support its financial management app for SMEs.

Money Squirrel launched its app in early January, helping businesses across the UK take control of their finances and improve cashflow management.

Moneyhub’s Open Banking-enabled API technology sits behind Money Squirrel’s platform.

The app encourages businesses to maximise their money by automating the saving of future VAT payments into market-leading interest accounts.

Kim Jenkins, MD of API, Moneyhub

Kim Jenkins, managing director of API at Moneyhub, called its collaboration with Money Squirrel is “a significant step” in making Open Banking technology accessible to both SMEs and larger institutions.

“We are thrilled to help simplify financial management and unlock growth opportunities for smaller businesses by powering Money Squirrel’s app with our API,” Jenkins said.

“This partnership highlights our commitment to driving financial inclusivity and innovation across the board.”

Andreea Daly, founder and chief executive officer of Money Squirrel, said: “Having Moneyhub’s API technology has been critical to launching our app, but it’s also encouraging to be aligned with them on the aim of making Open Banking and Open Finance more inclusive.”

Daly said that having founded a business, she has experienced the frustrations of managing cash flow, “spending countless hours calculating VAT and budgeting for future expenses”.

“Therefore, we know firsthand how having the technology to remove these frustrations can unlock so much potential for businesses,” she added.

Championed by the SHIFT Open Finance Community, which is a network of more than 370 fintech founders and industry leaders, Money Squirrel was inducted into its dedicated fintech incubator programme ‘Ignite’ last year, which provides a combination of financial support, expert guidance, and industry networking opportunities.

Further reading: Moneyhub cooks up ‘Savings Goals API Recipe’