Emma said it ‘wanted an integration’ with Revolut ‘since the day it launched’. Revolut and Emma have launched a partnership that opens the digital bank’s 4.5 million customers to the money management app’s service. The London-based management app said it is one of the first firms to connect with Revolut’s large European-wide customer base. Emma, founded last year, is an account aggregator, similar to Yolt, which tracks customer spending in an effort to save money. The firm said: “Emma’s customers will now be able to quickly and securely use their Revolut account information to track their spending in real time.” Open Banking pioneer The firms will be linked, once customers agree to the connection, by Open Banking software development pioneer TrueLayer, which works with a range of fintechs such as Monzo, Zopa, ClearScore and CreditLadder. Open Banking technology operates through the Payment Services Directive and application programming interface rules. A change in European Union law at the start of the year has ushered in Open Banking, which means consumers can allow businesses, other than their bank, to access their financial data. Advocates say this potentially allows customers to get better deals, such as cheaper overdrafts, and speed up switching between banks and other services. Emma Edoardo Moreni chief executive and co-founder (pictured, left) said: “Revolut was the most wanted integration since the day we have launched. Our users can now have access to all their balances, see the exact conversion in the pound and manage their money like never before.” ‘Quiet revolution’ TrueLayer chief executive and co-founder Francesco Simoneschi added: “Our partnership with Revolut and its resulting benefit for Emma’s customers is a great example of the quiet revolution taking place in the financial industry. We’re increasingly seeing how Open Banking is uniting successful companies so that they can offer more and more great services to consumers.” Last month, TrueLayer, founded in 2016, closed a $35m of funding round to expand its operations in Europe, before pushing into Asia and Australia. It sealed a Series C funding from Chinese technology giant Tencent and Singapore government-owned fund Temasek. The London-based software firm plans to expand into Germany, France, Italy and Spain by the end of this year, and then will look at other markets around the globe “with Asia and Australia being considered amongst its first destinations”. TrueLayer, founded by serial entrepreneurs Simoneschi and Luca Martinetti, has raised a total of $47m to date.
Challenger bank Revolut will offer the services of asset management app ##liance to its customers , after the firms agree to partner . The partnership has been facilitated by open banking software provider TrueLayer . Customers will have to agree to their data being shared between partners and Revolut . Emma , which launched in 2018 , aggregates consumer accounts and tracks spending to help customers save money .