Compare the Market owner BGL says the open banking sector has a ”natural synergy” with its insurance comparison service

BGL Group has entered the open banking sector with the acquisition of Saverd Ltd.

Saverd is the company behind personal finance app Bean - a digital personal finance manager which gives customers the ability to find, track and manage their bills and subscriptions in one app by linking to their bank accounts. 

Following the acquisition, Compare the Market owner BGL plans to develop the Bean proposition and in so doing develop a new capability.

Bean’s team will join BGL on completion and will be based at the group’s digital innovation hub at White Collar Factory in Shoreditch.

The deal marks BGL’s first steps into the open banking market. The group said it reflects their growth strategy and its ambition to develop new ventures.

BGL chief executive Matthew Donaldson said there was a “natural synergy” between BGL’s insurance price comparison offering and the emerging open banking sector.

He added: “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.”

Peter Myatt, chief executive and founder of Bean, 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.”

The purchase is subject to regulatory approvals.