Affordability specialist Bean has announced that is set to be acquired by BGL Group (subject to regulatory approval).BGL Group is a leading digital distributor of insurance and household financial services, and owner of brands including and life insurance provider Beagle Street. Bean is owned Saverd, the company behind personal the finance app. 

Bean’s digital personal finance manager gives customers the ability to find, track and manage their bills and subscriptions in one app by linking to their bank accounts. Thanks to new Open Banking regulations that came into force in January 2018, it is becoming easier for customers and small and medium-sized businesses to share their transactional payments data securely with third-party providers who are developing innovative propositions. Following the acquisition, BGL plans to develop the Bean proposition and in so doing develop a new capability to support Group-wide digital aspirations.

Bean’s team will join BGL on completion and will be based at the Group’s digital innovation hub at White Collar Factory in Shoreditch. The deal marks BGL’s first steps into the Open Banking market and reflects both the Group’s growth strategy and its stated ambition to explore and develop new ventures.

Matthew Donaldson, Chief Executive Officer, BGL Group, said: “We are committed to exploring new opportunities which are the right fit for the Group, and there’s a natural synergy between BGL’s track record for digital innovation and price comparison and the emerging Open Banking sector.

“Peter, Jamie and the team have huge talent and a good startup product in Bean. 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, Chief Executive Officer and Founder, Bean, said: “We’ve had a fantastic journey building Bean over the past two years, and we’re really proud of what we’ve created and how we are helping people manage their regular spending.

“We know that Open Banking offers a wealth of opportunity, and combining Bean with BGL’s scale and distribution expertise is the perfect way for us to unlock the potential of this business and bring the benefits to more customers.”

Bean won the best affordability solution at the 2018 Credit & Collections Technology Awards in September.