UK savings app Numeos gets FCA seal of approval – FinTech Futures

London-based savings app Numeos is making progress as it has now got regulated by the UK’s Financial Conduct Authority (FCA).

The firm was founded last year and is tapping into the open-banking craze. It is building a distribution platform for retail financial products for consumers, “smaller banks” and financial players.

Its first step is to offer a savings account in the UK. This launch product, a one-year fixed-term bond, can earn users up to 2.45% annual equivalent rate (AER) due to its relationship with partner banks. The latter group includes UK challenger OakNorth and commercial and retail bank Secure Trust.

Numeos explains that after signing-up, users can open the savings account of their choice with a suggested partner bank.

All funds are 100% guaranteed by the Financial Services Compensation Scheme (FSCS) as all its partners are UK-based banks and Numeos says it never exceeds the limit of £85,000 per bank. It looks for the best rates out there using comparison websites.

The start-up also offers a way for customers to boost their interests rate with NumeosMart.

If users look at products chosen by the firm and engage with the fintech partners – such as subscribing to their products, then “the higher your interest rate top-up”. It has 30 offerings and is clearly keen to get people looking at them. Some of these fintech partners include Azimo, Trussle and Funding Circle.

Numeos was founded by Farid Sedjelmaci (CEO) and Olivier Bessi (head of product).

Sedjelmaci previously worked at McKinsey, while Bessi has worked at SunGard (now FIS) and BNP Paribas.

FinTech Futures has contacted Numeos for more details and is waiting for a reply.