The private finance app was acquired by BGL Group in October 2018.
Picture supply: Former CEO of Bean, Peter Myatt
In a word on its web site private finance administration app, Bean, has introduced it would shut on 16 March 2020 and isn’t accepting any new sign-ups.
Bean was arrange in April 2016 as one of many earliest private monetary administration apps, letting you observe all common funds as a way to establish those who may very well be cancelled or switched to economize.
“Shoppers are more and more signing as much as the services they love utilizing month-to-month or annual funds. However they fall into subscription traps and miss out on financial savings in the event that they don’t carry on high of their spending,” Bean CEO Peter Myatt informed AltFi on the time.
By 2018 Bean reportedly tracked greater than £190m of client spending by means of its app, inserting it alongside rival Pariti.
Nonetheless, the marketplace for private monetary administration (PFM) apps began to battle as growing numbers of digital banks (and common banks) added good spending evaluation to their very own apps.
Pariti was acquired by Tandem Financial institution in March 2018 and by October Bean was additionally acquired by BGL Group, which supplies insurance coverage and family monetary providers, notably by means of comparability web site comparethemarket.com.
Whereas the Bean app will shutter as one of many final devoted PFM apps, it’s not fairly curtains for the know-how behind the service.
A word on Bean’s homepage even directs prospects who’re “nonetheless in search of methods to save lots of on payments” to the brand new ‘YourBills’ function on the well-known comparability web site.
Following the acquisition, Peter Myatt, the previous CEO of Bean, is a director of Open Banking at comparethemarket.com.
Bean was one of many first private finance administration apps and was BGL’s first foray into the world of Open Banking.