U.Okay.-based Wealthify has sought out ClearBank to function its embedded banking accomplice. On-line saving and investing service Wealthify will leverage ClearBank’s banking license and API to launch its Immediate Entry Financial savings Account.
ClearBank’s API affords real-time clearing entry, or instantaneous cash transfers. Wealthify’s new financial savings account, which tracks the Financial institution of England’s base charge, pays out 4.91% AER (Annual Equal Charge), which equals 4.80% gross on the time of publishing.
Wealthify hopes the brand new account will assist help clients in at present’s price of residing disaster. “The way in which individuals save has advanced quickly over the past decade,” mentioned Wealthify CEO Andy Russell. “Folks need extra from their cash, and selections throughout completely different financial situations, and we’re thrilled to offer it to them. Wealthify’s financial savings account—powered by ClearBank—affords speedy setup, an awesome charge, and the flexibility to see financial savings and investments multi functional place—a holistic view of your funds, at your fingertips.”
Initially based in 2016, Wealthify demoed its on-line investing service at FinovateEurope 2017 and had raised $3.15 million (£2.5 million) earlier than being acquired by monetary companies big Aviva in 2020. Wealthify at the moment affords funding merchandise– together with shares and shares ISAs, junior ISAs, self-invested private pensions– and common funding accounts together with its financial savings accounts.
The corporate’s tech-forward strategy leverages human intelligence. The entire investments are managed by a staff of execs. “For wealth administration consultants like Wealthify, our embedded banking providing is an environment friendly method for them to concentrate on high quality customer support, with out spending pointless time and sources on licenses or outsourced initiatives,” mentioned ClearBank CEO Charles McManus.
ClearBank was based in 2015 by former Worldpay CEO Nick Ogden. The UK-based firm earned its banking license from the FCA in late 2016. Whereas ClearBank itself doesn’t lend, present credit score, or make investments finish customers’ funds, the corporate does permit its banking-as-a-service purchasers to leverage its banking license to offer banking companies. Finish clients profit from $107,000 (£85,000) in deposit insurance coverage from the FSCS.
Photograph by cottonbro studio
