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Payments General

Fintech Nexves prepares for open banking app launch

Thursday 3 January 2019 | 09:28 AM CET

UK-based fintech Nexvas has announced gearing up for the launch of its open banking app after securing funding from Scottish Edge.

Nexves has unveiled plans to release its app at the end of the first quarter in 2019, after being awarded a GBP 10,000 cash injection from Scottish Edge. The fintech’s offering works on the basis of open banking, which aims to give people better control of their money, with users able to log in with their existing bank details and access services designed to help them invest smartly and reduce spending, for instance by comparing available rates for their household bills.

Nexves will also use the investment to help fund a public campaign and redesign the platform’s user interface. The startup, which is currently participating in accelerator programmes through Royal Bank of Scotland and Elevator, has previously received backing from investors including BrewDog’s James Watt. According to Nexves representatives, the company’s goal is to take advantage of this by creating a platform for mass consumer benefit through radical transparency.

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