Peterborough insurance giant counts Bean as first step into new banking market

Matthew Donaldson, chief executive of the BGL Group.
Matthew Donaldson, chief executive of the BGL Group.
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Peterborough-headquartered insurance giant BGL Group has moved into the open banking market with a new acquisition.

BGL Group, of Orton Southgate, has bought Saverd, the company behind digital personal finance manager Bean.

Peter Myatt, founder and chief executive of Bean.

Peter Myatt, founder and chief executive of Bean.

Bean allows customers to find, track and manage their bills and subscriptions in one app by linking to their bank accounts.

BGL chief executive Matthew Donaldson said: “I see great potential in open banking to help our customers compare, switch and save, and I’m very much looking forward to working with the Bean team as we explore both the product and the wider sector further.”

Peter Myatt, founder of Bean, said: “Combining Bean with BGL’s scale and distribution expertise is the perfect way for us to unlock the potential of this business.”

The purchase is subject to regulatory approvals.

It has been taken place following new open banking regulations that came into force in January making it easier for customers and small and medium-sized businesses to share their transactional payments data securely with third party providers that are developing innovative offers and products.