A core Finmo benefit is the ability to connect to a bank account. Finmo has a license with the FCA and utilises Open Banking.
Licensed by the FCA
Finmo is licensed by the FCA (Financial Conduct Authority) and employs bank level security, taking your data and your protection seriously.
Finmo connects to your bank through Open Banking.
Open Banking is a series of reforms that allows third parties (like Finmo) to access your bank account data. Open Banking stems from the belief that your data belongs to you and not your bank. As a consumer, you determine what you want to do with your information.
Open Banking is revolutionary in that it accomplished two things.
First, it opens up competition to old high street banks. This competition forces innovation by incumbents and challengers alike. The consumer and businesses benefit and the industry moves forward.
Second, Open Banking allows new services (like Finmo) to offer innovative solutions to non-banking problems. Finmo uses Open Banking to help sole-traders and those with side income sort their taxes for 1/3rd of the cost of a high street accountant. This can only be accomplished through Open Banking.
What others are saying
Finmo is one source of many so we highlighted some other articles about Open Banking from sources you trust.
Finmo connects to more than 20 banks
Finmo connects to the banks in the picture to the right.
To accomplish this, Finmo works with a company called True Layer, a pioneer and leader in Open Banking connections.
Your bank provides your data through a super secure connection called an API. These banking API’s open a connection between your bank and Finmo so your data can safely come through their system to Finmo’s.
Disconnecting your bank account
Disconnect your bank account connection at any time.
Finmo will stop collecting and delete all of your data once you disconnect your bank. The only time Finmo will keep your data is when it pertains to your tax filing (It is in your best interest to do this in case HMRC comes calling).