Three UK and Meniga team for Wuntu Money app
EXCLUSIVE. Three UK, a UK telco and internet service provider, has teamed with Iceland-based fintech Meniga to develop Three UK’s Wuntu Money mobile app.
This is understood to be Meniga’s first client in the UK.
Wuntu – a free rewards app available to Three UK customers – was introduced in early 2017 and provides money-saving offers, competitions and giveaways.
Whilst there are no plans to launch its own financial products, Three UK is looking to grow its money management proposition, said Iain Herd, head of fintech at Three UK, at Meniga’s recent conference in Iceland, FIN42.
The focus is on the existing customers of the mobile operator – to improve customer engagement, deepen the relationship and increase loyalty to the brand, he explained.
Wuntu Money is positioned as “your personal money coach” and will be used as the telco’s “foundation” to help customers build “healthy financial habits”.
“We looked at the technology providers in this space and their products all looked the same – similar functionality and layout of bars and charts,” Herd said. “Meniga stood out – they really explore the customer to understand how to help clients with their money management.”
So what will Three UK and Meniga bring to the table in this partnership? Three UK has a strong customer base (over ten million clients), understands the UK market (the company was launched in 2003), and an experienced and creative marketing team (it mainly targets millennials), according to Herd.
Meniga, meanwhile, brings “product excellence, solid understanding of consumer personal financial management (PFM) behaviours and flexible approach”.
The offering will be developed, tested and rolled out in the course of a year. “It’s a marathon rather than a sprint,” Herd noted. In due course, the app might partner with banks and financial institutions “to bring the right products and services” for its customers.
In other news today (6 November), Meniga received a €3 million investment from Íslandsbanki, bringing total investment in the company from banks this year to €9.1 million.