An Aberdeen-based fintech is gearing up for the launch of its app after securing funding from Scottish Edge.
Nexves has unveiled plans to release its app, which is described by founder Chris Herd as the “Netflix of financial services”, at the end of the first quarter, after being awarded a £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 fresh five-figure investment to help fund a public campaign and redesign the platform’s user interface.
The start-up, 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.
Herd said the introduction of Open Banking has provided a huge opportunity for change in fintech. He said: “Our goal is to take advantage of this by creating a platform for mass consumer benefit through radical transparency.
“The first wave of challenger banks has amassed huge user numbers by doing little more than providing a more functional user interface. The next leap forward will come from enabling things that were previously impossible. The future we imagine is akin to a Netflix of financial services.”