Personal finance app Bean acquired by BGL Group

Ben Heathcote

In . October 29, 2018

BGL Group, the financial services company behind brands including BeagleStreet.com and comparethemarket.com, has acquired personal finance app Bean. The financial terms of the deal were not disclosed but Bean’s London-based team will join BGL in Shoreditch.

Billed as a digital personal finance manager, Bean allows customers to find, track and manage their bills and subscriptions in one app by linking to their bank accounts. The startup was founded by CEO Peter Myatt and CTO Jamie Curran.

The deal is subject to regulatory approvals and marks BGL Group’s first foray into Open Banking. The company says it plans to develop the Bean proposition and in doing so develop a new capability to support group-wide digital aspirations.

Peter Myatt 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.”

Matthew Donaldson, CEO of BGL Group, added:

“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 start up 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.”

The Bean app is available on iOS and Android. Learn more about the company by visiting its website.