New fintech startup launches SA’s first Open Bank offering 

A new South African fintech startup, Spot Money has created the country’s first Open Bank offering that aims to function as a one-stop-single customer-centric platform catering to all of a user’s financial needs. 

Spot Money launches country’s first Open Bank

Andre Hugo, CEO of Spot Money explains that the Open Banking marketplace enables consumers to effectively manage and control their finances. 

“An Open Banking marketplace gives consumers more choice when it comes to managing their money. It’s a marketplace where highly personalised financial services such as loans and insurance are coupled with lifestyle services, rewards, and a wide range of value-added services,” he said. 

Spot Money

Launching in January 2021, Spot Money is the new-kid-on-the-block and aims to make a splash with its new Open Banking approach. 

Hugo provides insight into the aims of the newly established fintech. 

“There is more to the future of financial services than making current products and services digital. Spot Money will introduce South Africans to a true Open Banking marketplace. As a fintech, our aim is to service the full spectrum of a consumer’s financial needs in a single customer-centric platform, giving them the choice to transact seamlessly and review tailor-made financial offers based on their unique needs.” 

Spot Money is not aligned with a specific bank but is reportedly anchored by the banking industry and functions in association with Bidvest Bank. Due to its lack of affiliation, the fintech partners with several financial service providers to give users more choice and control over how they manage their finances. 

Spot Money’s app

Spot Money has redeveloped their app, Spot App to integrate Open Banking. 

The fintech startup has developed an app that allows users to access its Open Banking platform. The app has been developed using Mastercard’s technology and enables the fintech to issue physical and virtual Mastercard prepaid debit cards to consumers. 

According to the fintech, with this card, users can transact at any retail location that accepts Mastercard. The physical cards have reportedly been fitted with tap technology to promote the use of contactless payment. 

The new app will also allow consumers to utilise contactless mobile payment using Mastercard’s tokenisation technology. In addition, the app allows users to scan any Masterpass-enabled QR code in the country to purchase goods or pay for services. The fintech claims that it has created the only app in SA that allows users to utilise scan to pay for all the major QR code payment types including Masterpass, SnapScan, wiCode, and Zapper. 

According to the fitnech, the Spot app provides an intuitive mobile transactional account with no monthly account fees. 

The app is available on the following app stores, Apple, Huawei, and Google Play Store.

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Featured image: Andre Hugo, CEO of Spot Money (Supplied)