LONDON: Squeeze, a US-based tech platform that helps consumers save on their recurring insurance contracts, has announced the acquisition of Youtility, a UK start-up that provides embedded home finance management services to banks and fintechs.
The deal will create a new offering for UK consumers, who will be able to manage, track and take action on their household finances directly from their existing banking apps. This will eliminate the need for traditional price comparison websites, which can be time-consuming and cumbersome.
Youtility, which counts Virgin Money, Wagestream and Pockit among its clients, has a market leading B2B API platform that integrates with bank and fintech platforms. Squeeze, which launched nationwide in the US in 2021, has a data analytics and B2C expertise that helps customers save an average of $786 per year on car insurance and $400 per year on home insurance.
The acquisition comes at a time when UK household energy bills have doubled in the last three years, according to the Office for National Statistics, putting pressure on 50% of UK adults to use less fuel and 67% to spend less on non-essential items. The new combined business aims to support customers to better manage and save money on their home finances.
Elias Janetis, Founder and CEO of Squeeze, said: “I am excited that our expert team and unique technology can help UK consumers to make more informed decisions and to save money on their home finances. Our combined technologies will allow banks to embed essential money saving actions and help all customers, not just the financially savvy, bring about a new era of price comparison to the UK market.”
Tyler Randolph Boyd, Chief Strategy Officer and Lead of the newly combined group, said: “By combining the consumer facing expertise of Squeeze with the market leading B2B services of Youtility, we will offer a one-of-a-kind embedded experience both for businesses and their consumers.”
Youtility co-founders Will Kostoris and Charlie Quigley, said: “We are excited to bring together the Squeeze and Youtility technologies and accelerate the businesses development by harnessing Squeeze’s expertise from the US market. We are thrilled to join forces with such a strong team and to align our collective missions to help people save money on their largest payments year after year.”
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