Westpac to nab AMP budgeting app

Westpac and AMP have reached an agreement on the sale of MoneyBrilliant, an app marketed as a budgeting and cash-flow tool, providing users with insights and displaying their financial accounts in one place.

The product will be integrated into Westpac’s digital banking app.

Chris de Bruin, chief executive of consumer and business banking at the big four bank, commented the acquisition is an “important step in Westpac’s digital strategy”.

“In recent years we’ve seen demand grow for simple and practical digital tools to help customers manage their personal finances,” Mr de Bruin said.

“We look forward to further building on MoneyBrilliant’s existing capabilities and making these available to our customers.”

The acquisition of MoneyBrilliant is expected to be completed by January, subject to customary closing conditions. The terms of the acquisition have not been disclosed.

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Sarah Simpkins is the news editor across Mortgage Business and The Adviser.

Previously, she reported on banking, financial services and wealth management for InvestorDaily and ifa.

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