The listed group which owns comparethemarket.com and BeagleStreet.com has acquired London-based FinTech Bean.
Bean is a digital personal finance manager which allows customers to find, track and manage their bills and subscriptions in one app by linking to their bank accounts.
The undisclosed acquisition, which is subject to regulatory approvals, will support BGL’s group-wide digital aspirations.
Bean’s team will join the group at its digital innovation hub at White Collar Factory in Shoreditch.
“We are committed to exploring new opportunities which are the right fit for the group, and there’s a natural synergy between BGL’s track record for digital innovation and price comparison and the emerging Open Banking sector,” said BGL CEO Matthew Donaldson.
“Peter, Jamie and the team have huge talent and a good start up product in Bean. I see great potential in Open Banking to help our customers compare, switch and save, and I’m very much looking forward to working with the Bean team as we explore both the product and the wider sector further.”
Bean founder and CEO Peter Myatt added: “We’ve had a fantastic journey building Bean over the past two years, and we’re really proud of what we’ve created and how we are helping people manage their regular spending.
“We know that Open Banking offers a wealth of opportunity, and combining Bean with BGL’s scale and distribution expertise is the perfect way for us to unlock the potential of this business and bring the benefits to more customers.”
Thanks to new Open Banking regulations that came into force in January 2018, it is becoming easier for customers and small and medium-sized businesses to share their transactional payments data securely with third party providers.
The deal marks BGL’s first steps into the Open Banking market.