The partnership means members can use the OpenMoney app with a range of budgeting tools and access to investment and mortgage advice.
OpenMoney’s 2020 Advice Gap research found that 20.8 million UK adults who would potentially benefit from free advice services are unaware of them, or unable to access them. It wants to raise awareness of free and affordable financial advice to members of the CCU.
Anthony Morrow, co-founder of OpenMoney, said: “Credit unions play a vital part in financial services, giving their members an attractive and convenient way to save and a cheaper way to borrow if needed. Due to the structure of credit unions they often struggle to compete in terms of technology and marketing with their heavily funded, more expensive, competitors. Our partnership will allow them to bring our technology to their members and their services to more people.”
Matt Bland, CEO of the Co-op Credit Union, said “We have a long history of providing a range of affordable financial services to our members and our partnership with OpenMoney paves the way for us to go beyond our core savings and loans services to support even more people with their finances.”