Mainstream bank ABN AMRO’s fully digitally financial service provider, Moneyou BV is now using UK fintech start-up, Bankable’s “banking as a service” platform to better serve millennials. The service is now opened to selected customers in the Netherlands although Moneyou is currently active in four countries in the EU, providing savings accounts to more than half a million customers.
With this partnership, the Dutch fintech brand is using Bankable’s multi-wallet and multi-card technology to launch a full product portfolio targeted at millennials in the Netherlands and in Germany.
According to the company, traditional banking no longer suits the changing customer needs. People wish to be more self-determined in life, according to Moneyou, which is why the company uses a partner model of technical specialists to develop products and services in modules.
“Our business model with a lean setup is based on close cooperation with our partners. Bankable has demonstrated a true partnership between our teams at all levels. The flexibility of Bankable’s Banking as a Service platform allowed us to go to market faster than opting for bespoke development with on premises integration,” Liesbeth Rigter, Moneyou’s CEO, said. “It also prevents any future legacy issues thanks to its open evolution capability. For our clients, this means they will have quick access to the latest banking services. With these services we are able to introduce products that really solve customer pains and help them in organising their accounts.”
In the last six years, Bankable has worked with mainstream banks and fintech firms on different digitally led projects that encourages pilot-based-experimentation.
“ We need to be two to tango. As we promote a transaction based model instead of a software license, increased with maintenance cost and an implementation by expensive consultants, our success is aligned with Moneyou. It is in our common interest to realise a short time-to-market for innovative financial products,” Eric Mouilleron, Bankable’s CEO and founder said.
“Bankable powers neo banks backed up by incumbent banks or Investors, and we believe that our partnership with Moneyou will help create a new dominant cross-border player in the European banking space. Lastly, Bankable is a UK company conquering new global markets, irrespective of Brexit.”