BGL Group acquires PFM app Bean
BGL Group, a digital distributor of insurance and household financial services, has signed an agreement to acquire Saverd, the company behind personal finance management (PFM) app Bean.
The acquisition is subject to regulatory approvals. BGL says it plans to develop the Bean proposition and “in so doing develop a new capability to support group-wide digital aspirations”.
BGL is largely known to the UK consumers for its comparison site comaprethemarket.com.
UK-based Bean gives customers the ability to find, track and manage their bills and subscriptions in one app by linking to their bank accounts.
Bean’s team will join BGL on completion and will be based at the group’s digital innovation hub at White Collar Factory in London’s Shoreditch area.
“The deal marks BGL’s first steps into the Open Banking market and reflects both the group’s growth strategy and its stated ambition to explore and develop new ventures,” BGL says.
Matthew Donaldson, CEO of BGL Group, notes that the Bean founders and the team “have huge talent and a good start-up product”.
Peter Myatt, CEO and founder of Bean, says: “We’ve had a fantastic journey building Bean over the past two years, and we’re really proud of what we’ve created and how we are helping people manage their regular spending.
“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.”