Open Banking platform Money Squirrel launches in the UK

Open Banking platform Money Squirrel has launched to help businesses across the UK take control of their finances and improve cashflow management.

The Open Banking technology which sits behind Money Squirrel’s platform enables businesses to automate savings for future payments, like VAT, by sweeping money into savings accounts offering competitive interest rates.

Money Squirrel has been championed by the SHIFT Open Finance Community, which is a network of more than 370 fintech founders and industry leaders.

In October last year, SHIFT Open Finance Community unveiled Money Squirrel as the sole successful applicant of its dedicated fintech incubator programme ‘Ignite’, which provides a combination of financial support, expert guidance and industry networking opportunities.

L-R: Kyle Masterson, head of SHIFT Open Finance Community and Andreea Daly, founder of Money Squirrel

“As a founder, I experienced first-hand the frustrations of managing cash flow – spending countless hours calculating VAT and budgeting for future expenses,” said Andreea Daly, founder and chief executive officer of Money Squirrel.

“I created Money Squirrel to take that worry off the table, freeing founders to focus on growing their businesses.”

Money Squirrel encourages businesses to “squirrel away” money for future obligations, while giving them the ability to automatically calculate VAT and allocate funds easily.

Businesses will also be able to earn market-leading interest rates on funds earmarked for future expenses.

Kyle Masterson, head of SHIFT and co-founder of Ignite, added: “Andreea’s vision for Money Squirrel perfectly aligns with SHIFT’s mission to move finance forward.

“This platform has the potential to empower millions of businesses to take charge of their finances with confidence.”