British financial services firm BGL Group has entered into an agreement to acquire Saverd along with the company’s personal finance app Bean, in order to support its foray into open banking market.

The move is in line with BGL Group’s growth strategy and its goal to develop new ventures.

Designed for personal finance management, Bean enables customers to link their bank accounts for monitoring and managing their bills and subscriptions in a single app.

After the completion of the acquisition, which is subject to regulatory approvals, BGL plans to advance the Bean proposition and create a new capability to support its digital strategy.

Upon closing, Bean’s team will be transitioned to BGL and will work at its digital innovation hub located in White Collar Factory in Shoreditch, London.

BGL Group CEO Matthew Donaldson said: “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.

“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 CEO and founder Peter Myatt said: “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.”