Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

Frollo acquires AI startup Hip Money

Digital finance platform Frollo revealed on Monday its intentions to acquire Hip Money, an Australian-based tech startup using artificial intelligence (AI) to help users reduce debt and optimise savings.

Frollo said Hip Money‘s AI technology will be used to improve the company’s free personal finance and budget management app by providing end-users with automated recommendations to increase their financial wellbeing.

“This acquisition marks a significant point of growth for Frollo as we are expanding and enhancing our B2B offering to banks and credit unions,” says Frollo CEO and founder Gareth Gumbley.

“We are excited about increasing our investment into AI technology to enhance the capabilities of our platform.”

Gumbley said that he is well aware of the fact that banking apps are changing substantially. According to the CEO, AI is the perfect technology to implement these changes.

“We know our B2B clients are looking to enhance their customer engagement as they embark on building the next generation banking apps,” says Gumbley.

“These institutions are also preparing for Open Banking and looking to find a way to aggregate data and automate insights. The acquisition of Hip Money technology will not only accelerate our platform capabilities to deliver on the requirements of financial institutions but also help our end users that are signed up to the free Frollo app with automated debt elimination.”

As part of the acquisition, Hip Money CEO Mark Zmarly will join Frollo’s board as the sales director in the group’s Brisbane office.

Commenting on the news, Zmarly said Hip Money had been looking forward to working with Frollo since he met Gumbley at the MetLife Financial Wellness Finals in 2018.

“The constant during our time together has been our shared motivation to ethically empower people to save more money to alleviate financial stress,” he said.

“That shared vision is why we’re so excited to join the Frollo team and accelerate their growth. It’s also why I know we will succeed.”

Image via by Freepik on Flaticon.

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