Pennyworth, which is a new digital bank founded by former Barclays executives to serve the needs of young professionals and middle managers in the UK has begun beta testing of the first version of its financial app for its iPhone Operating System (iOS) users.
Founded by Jeremy Takle and Ben Harvey, former managing director and head of product at Barclays’ US Digital Consumer Bank, Pennyworth began the pre-application process to form an authorized bank in the UK in 2020.
It aims to cater to busy professionals with GBP40,000 ($55,000) gross income per year
Pennyworth targets “aspiring-affluent” customers that earn more than GBP40,000 ($55,000) per year to help them identify and create goals for important life events such as buying a home or planning for retirement.
Instead of competing for customers’ current accounts, Pennyworth will enable its customers to integrate and experience personalized banking across their existing accounts through digital banking. The insights into the financial planning will be a core part of the service, with tailored support to help customers easily track progress towards their goals.
Pennyworth will also help customers achieve their financial goals faster by offering high-yield savings and deposits, low-cost loans, and overdrafts, and the ability to contact the bank manager through a single click on a button in its app.
Jeremy Takle, founder and CEO of Pennyworth said, “Helping people fulfill their goals is crucial for truly personalized banking and allows us to build new services that help achieve those goals faster. The Pennyworth app is a giant leap forward for made-to-measure banking. We are putting a bank manager in the pockets of busy people and making it easier for them to get the most out of their finances”.
An android version of the app was made available in May
The bank introduced the Android version of the app to users in early May and plans to extend its services further. Ben Harvey, founder and chief product officer at Pennyworth said, “We’ve done research with our pioneers to discover how to help them best and we are delighted to share the results of our initial developments for their feedback”.
“Pennyworth’s app delivers advanced goal-setting, clear guidance, and a personal-finance algorithm to help customers achieve the important things in their lives. No one else comes close to delivering this kind of tailored support for aspiring-affluent banking customers,” he added.