Pennyworth, which is a new digital bank founded by former Barclays executives to serve the needs of young professionals and middle managers in the UK has begun beta testing of the first version of its financial app for its iPhone Operating System (iOS) users.
Founded by Jeremy Takle and Ben Harvey, former managing director and head of product at Barclays’ US Digital Consumer Bank, Pennyworth began the pre-application process to form an authorized bank in the UK in 2020.
It aims to cater to busy professionals with GBP40,000 ($55,000) gross income per year.
Pennyworth targets “aspiring-affluent” customers that earn more than GBP40,000 ($55,000) per year to help them identify and create goals for important life events such as buying a home or planning for retirement.
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