UK-based personal finance app Fintify has secured approval from the Financial Conduct Authority (FCA) to operate as a registered account information service provider (RAISP).
As reported in May 2018, Ameet Gaikwad, co-founder of Fintify, told FinTech Futures it was waiting for the FCA registration. Last month it had its public beta launch.
Now it has the licence, this permits Qbroot Financial Solutions, which owns the brand Fintify, to provide aggregation and data analytics-based insights to users under the open banking guidelines.
“The current image of ‘finance’ intimidates people. People understand money. We want to break down the stiff-collared perception of finance and play the role of a money buddy who is vigilant, yet helpful. We don’t want to tell you to spend less on your morning coffee but instead make sure you aren’t losing money on bank charges and sub-standard financial products,” says Gaikwad.
According to mobile-only Fintify, it helps users to link and monitor their finances across multiple bank accounts, credit cards, investments, pensions, mortgages and insurance.
Consumers can track investments, categorise spending, set budget and payment alerts and get insights into their insurance and loan portfolios while tracking financial events in a personalised financial calendar.
In the initial phase, Fintify will focus on providing services to the “large, yet heavily under-serviced, UK-India wealth management corridor targeting the Indian diaspora with financial footprints in both the UK and India”.
Fintify’s other co-founder is Javed Memon. He has worked at Infosys and Credit Suisse. Gaikwad also has plenty of fintech experience – having been employed at HSBC and Infosys.
According to its website, Fintify uses Envestnet | Yodlee as its aggregation partner.