A Scottish FinTech company has unveiled plans to release an ‘open banking’ app following a cash injection.
Nexves, based in Aberdeen, aims to give users access to ‘open banking’ – allowing third parties to safely access and analyse personal financial information and providing advice.
The app is described by its founder Chris Herd as the “Netflix of financial services”.
“FinTechs are on the brink of offering consumers a personalised menu of products instead of one-size-fits-all services,” Herd explained in a blog.
“The more that the complexity of switching etc. can be abstracted away, the better for the end user.”
The company was awarded a £10,000 cash injection from investor Scottish Edge and is scheduled to be released at the end of the first quarter.
Nexves will also use the investment to help fund a public campaign and redesign the platform’s user interface.
The start-up is currently participating in accelerator programmes through Royal Bank of Scotland and Elevator. It has previously received backing from investors including BrewDog’s James Watt.
The app arrives as ‘challenger banks’ are increasing their stake in the financial sector.
Recently, UK-based app-based bank ‘Monzo’ raised £20 million in two days through crowdfunding.
“The first wave of challenger banks has amassed huge user numbers by doing little more than providing a more functional user interface,” Herd continued.
“The next leap forward will come from enabling things that were previously impossible. The future we imagine is akin to a Netflix of financial services.”