Launch of the new Pennyworth neobank – AltFi

Digital bank

Pennyworth is a new digital bank founded by two former Barclays executives to serve aspiring rich people overlooked by traditional banks.

Image source: Pennyworth

The new budding neobank Pennyworth has launched its app to UK consumers.

The app has been in beta testing since early 2021 after breaking coverage in October last year and is now available to iOS and Android users with goal-based backup functionality.

Pennyworth, founded by two former Barclays executives, seeks to serve the “budding affluent people” who she says are overlooked by mainstream banks.

“Pennyworth was founded to help busy professionals, managers and business owners plan and achieve their most important aspirations in life. Its new app puts people in control of their financial futures by helping them prioritize their goals and create tailored financial plans with just a few clicks, ”according to a press release.

Jeremy Takle, Founder and CEO of Pennyworth, said: “Pennyworth serves people with complex financial needs who would benefit from better planning but do not yet have sufficient income or savings to warrant wealth management services. or private banking. “

“Traditional banks have neglected the aspiring rich, who have complex needs but can only access generic financial products. We put a digital bank manager in people’s pockets and provide an alternative financial planning process at no cost. “

It’s unclear when Pennyworth will launch services like interest-bearing savings or credit accounts, but its app – now public – displays the feature alongside a “coming soon” label.

While the bank challenger has previously suggested that it is looking for a full banking license, it has also said it will look to use open banking and aggregate other user accounts. Again, the account aggregation service is not yet live.

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