Moneyhub

Financial Chat Fintech Chat
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So Moneyhub* has announced that Monzo and Starling have been integrated on their account aggregation platform.

(I’ve had a bit of a search and poke around and - aside from some passing references in other threads - there didn’t seem to be somewhere to talk about this. If it does belong elsewhere, let me know / merge with abandon!)

https://twitter.com/MoneyhubEnterpr/status/985793709005524992

The horrific Monzo/Starling card mash-up aside…

… I’m kinda interested, especially as they seem to have a browser version as well as an app, let you manually add assets and other stuff there’s no integration for, and (counterintuitive as it might seem) have a business model where they charge a fee for their service.

But (and it’s a big but) there’s no list anywhere (that I can find at least) of which banks they integrate with (and if stuff like MoneyFarm/Wealthify/Zopa etc are on the list).

And the press release is on the Moneyhub Enterprise site, rather than Moneyhub for individuals. Should I read anything into this?

Any thoughts? Or comments / feedback on Moneyhub generally?

*for reasons that escape me, it bugs me that the H isn't capitalised
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My eyes hurt :see_no_evil:

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That card mashup thing is absolutely criminal.

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It’s like an early 90s shell suit.

I want to kill it with fire :fire:

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What do they do?

Are they similar to Yolt?

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So it would seem. An Emma / Yolt-alike, although I think there might be a web interface and integration with a wider range of (not all banking) providers.

Their website could be clearer, though.

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Emma/Yolt - free to use!
MoneyHub not! £14.99 a year or £1.49 a month on IOS. Thanks ))

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So I took the plunge and requested an invitation to join. All good, with a same day invite.

I dropped them an email back to ask what integrations they had, but as it was out of hours (and probably an unmonitored inbox) I haven’t had anything back yet. That’s okay by me.

I’ve taken a look at the terms of use and privacy policy, though. It’s ones like these that really make me appreciate Monzo’s plain English approach, especially the terms which felt quite one-sided to me (“disclaimer of warranties; limitation of liabilities”) and a bit shouty where they say:

ALL PURCHASES ARE FINAL AND NO REFUND WILL BE GIVEN FOR UNUSED PORTIONS OF YOUR INITIAL OR ANY RENEWAL MEMBERSHIP PERIOD.

(Capitals are Moneyhub’s).

I was also worried by a few bits on the privacy policy:

3.2 You may choose to access the Service or different versions of it through organisations other than Moneyhub who operate within the Moneyhub ecosystem (for example, your FA, your employer or a provider of your financial products) (“Third Party Members”). In order to engage with such Third Party Members, you may be required to accept additional privacy policies which are specific to those Third Party Members. We may also share anonymous aggregate information about you with Third Party Members to allow them to provide targeted information to you through the Services.

Emphasis mine. Okay, it’s aggregated information, but given that the sales pitch is that the monthly fee is because they don’t sell your data it feels… wrong?

And this bit:

3.4.2 in the event that we sell or buy any business or assets, in which case we may disclose your personal data to the prospective seller or buyer of such business or assets.

If someone buys them out, sure, they get my data. But prospective buyers? This makes me feel uncomfortable.

So… I haven’t signed up yet. I’m going to sleep on it - and read up on Yodlee who provide the API into legacy banks.

(@edo1493, completely understand if you don’t want to get into a discussion about a competitor / other potential suppliers, but any thoughts on Yodlee that you can share, or why you went for TrueLayer?)

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There are many players in the “web scraping” space, such as Yodlee and Saltedge. The majority of the fintech startups use these two. We went with TrueLayer because they use a slightly different approach in the way they retrieve data (it’s much more reliable). We also liked the fact they are based in London, so we can show up at their office anytime. :smiley:

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Thanks, Edo. Much appreciated as always!

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Sounds ominous :thinking:

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Is another factor that the TrueLayer guys aren’t run by a boorish bully like another company that I couldn’t Tell you the name of?

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Well I’ve just had a go with Moneyhub. It is AWESOME. Ok it’s not free, but it leaves Emma and Yolt standing. This is exactly where I hope Monzo can get to. Analysing credit card spend, custom categories, recognising that then paying off the credit card is not further spend, covering mortgages, and even showing the real-time value of my share ISA. Quality. The only integrations they don’t have for me are Tandem and eToro…

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@anon4562461 :joy::joy::joy::joy::joy:

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#intrigued

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