Price comparison website Moneysupermarket.com has bought website and mobile app Ontrees for an undisclosed sum.
The app has been bought from Associated Newspapers. The service, which launched in 2012, aggregates consumer bank account and credit card details and aims to simplify personal finance spending, budgeting and transaction monitoring.
Ontrees was the top-ranking finance application in Apple’s Appstore in February and May last year.
Finance & Technology Research Centre director Ian McKenna says: “We believe such services are likely to be the cornerstone of next-generation advice propositions as they make it easy to build a detailed picture of a consumer’s finances.
“This acquisition puts Moneysupermarket in a very strong position to drive further disturbance in the personal finance market.
“Most UK financial institutions have yet to grasp the potential of these services. This move by Moneysupermarket means they may learn the hard way.”
MoneySupermarket acquired Martin Lewis’s MoneySavingExpert.com in June 2012 for for £87m.
This week also saw 1st Software joint founder Mik Cons take a significant stake in technology provider Sammedia. Sammedia chief executive Mike Free has sold his stake to pursue opportunities in the direct-to-consumer space.