London-based money management app Emma has become the first startup to join Monzo’s interim API for customer account data sharing.
The arrangement comes only a week after Emma gained regulatory approval from the Financial Conduct Authority (FCA) and a mere month since its first beta test.
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The app helps customers avoid overdraft fees, find and cancel subscriptions, and track debt.
Monzo also has agreements lined up with other money management apps such as Chip, Plum, and Yolt. The app-only bank is pushing to launch a full scale open banking hub after delaying said plans to launch a current account.
Tom Blomfield, CEO and co-founder, Monzo, said: “Making an API available opens up loads of new opportunities, for fintech companies like Emma, and for our customers. Our goal at Monzo is to give our customers more visibility and control over their money. Through our API, integrations like this become possible, meaning our customers can choose to access useful new services to help them manage their money.”
Edoardo Moreni, CEO and co-founder of Emma Technologies, said: “This integration projects Emma into open banking, which comes with thousands of possibilities for new businesses and companies like Emma. We truly believe the integration with Monzo will create synergies and provide customers an enriched overview of their finances across all their accounts.”
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