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 information 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: “This is a very significant development as it gives Moneysupermarket the potential to harness aggregation tools that can help consumers take far more control of their day to day finances. 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.
“Organisations like Lorica and True Potential, who are building reputations for significant innovation in the area of digital advice have already made such services a key element of their proposition. 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’ MoneySavingExpert.com in June 2012 for £87m.