Personal financial management platform Nummo is set to move into digital banking with a new collaboration.
The company has a letter of intent with German fintech firm Deposit Solutions to provide its users access to savings accounts.
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The two companies are expected to enter into a cooperation arrangement early next year.
The collaboration will enable Nummo to connect Deposit Solutions’ platform and allow its users to select from several FDIC-insured third-party bank deposit products.
Nummo co-founder and CEO Roi Tavor said: “This new offering is pivotal to continue to help our users improve their financial health.
“Ease of access to a much wider array of financial services is being made possible through open-architecture marketplaces and we are at the forefront of this rapidly expanding industry.
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By GlobalData“With Deposit Solutions’ technology underpinning our ability to offer bank deposit products, our users will benefit from a competitive new product line.”
Nummo allows users to connect their bank accounts and credit cards to provide a complete overview of their financial situation.
The scope of services includes budgeting, retirement planning and debt repayment.
On the other hand, Deposit Solutions offers an open banking platform for deposits connecting banks and depositors.
The fintech firm was founded in 2011 and is based in Hamburg, Germany.
According to the company, it has mediated over €14bn in deposits.
In September this year, Deutsche Bank picked a 4.9% stake in Deposit Solutions.
