Monzo has opened its API to Moneybox, enabling users to round up and invest the spare change from their everyday purchases.
Launched in August 2016, Moneybox claims its app app now helps customers invest the spare change from over 1 million transactions every week. Money rounded up from user transactions is invested in simple tracker funds.
Moneybox views the recent launch of Open Banking in the UK as a means to grow its user base and break the inertia surrounding saving and investing amongst younger people in the UK.
Ben Stanway, co-founder of Moneybox says: “Offering round ups to Monzo users has been one of our most popular feature requests since we launched Moneybox. We’ve had thousands of people asking for this integration and are delighted to launch it today. We're currently working on a number of other integrations and believe the Open Banking initiative will enable us to help many more people start saving and investing towards their future."
Monzo put its API on the backburner last year as it prepared for the launch of its current account service. However, the UK's migration to an Open Banking environment in January has spurred the bank into action, leading to the recent opening of new pathways to third party providers from API suite TrueLayer and through a direct integration with PFM app Emma.
Tom Blomfield, CEO and co-founder of Monzo comments: "At Monzo, our mission is to give people more choice and more control over their money, and everything it touches. Through integration with our API, users can access helpful tools like moneybox to help them save, grow or manage their money in a safe, secure way.”