PFM app Bean shuts down 15 months after BGL Group acquisition
Personal finance management (PFM) app Bean is closing down this month, and has announced that it will no longer be accepting new sign-ups.
“The Bean service will be retired on March 16th, 2020 and is no longer accepting new sign ups,” the firm writes on its website.
The UK-based firm gave customers the ability to find, track and manage their bills and subscriptions in one app by linking to their bank accounts. It was acquired by insurance and financial services group BGL in October 2018.
At the time the deal was BGL’s first foray into the open banking market, and Matthew Donaldson, CEO of BGL Group, noted at the time that the Bean founders and team “have huge talent and a good start-up product”.
Bean founder Peter Myatt, alongside fellow directors Carl Lundberg and chief technology officer Jamie Nichols, resigned from the company on 12 February 2019. Myatt is now a director for open banking at comparethemarket.
A note on the Bean website recommends that potential customers look towards the YourBills service offered by the comparison company.