Whilst for those that know us that this isn’t really “news” – it was confirmed in May 2018 – but what with our snazzy new website we wanted to take this opportunity to shout about it!
Quo Money was selected as one of the participants in the Financial Conduct Authority’s (FCA) current regulatory sandbox. Now in its fifth round, the regulatory sandbox allows businesses to test innovative propositions in the market, with real consumers. Quo Money will be trialled over coming months with two UK credit unions.
Quo Money has developed an app-based service that aims to promote money management skills among vulnerable consumers. It uses open banking to generate a personalised financial plan and prompts the consumer to adhere to it.
Quo Money’s founder and chief executive Matthew Vernon said: “I am delighted that Quo Money has been successful in applying to take part in the FCA’s sandbox.
It means we will be able to move development into the beta phase and to test the product, under FCA supervision, with real-world consumers. We will also be looking for investment to support us as we bring the product to market.”
Watch this space, we’re getting very close and will have more announcements soon!