The Marygold Companies, Inc. (“TMC” or the “Company”) (NYSE American: MGLD), a diversified global holding company, today announced that its wholly owned subsidiary, Marygold & Co. (UK), has initiated marketing its mobile banking fintech app for the U.K., and the app is now available on the Apple App Store and Google Play Store. The launch event to officially introduce the app was conducted on the ground floor of the Westfield London in White City.
“Marketing ramp-up is scheduled to begin during the next 60 – 90 days to individuals and businesses,” said Matthew Parden, President of Marygold & Co. (UK). “The mobile banking app was adapted for the U.K. banking system based on the platform developed in-house by the team at Marygold & Co. in the U.S. and incorporates features specific to U.K. clientele.”
The app enables users to digitally manage their financial lives for saving, investing and spending. The app’s features include:
- Digital “piggy banks,” friendly and flexible savings “nudges,” automatic notifications such as balance alerts and trusted contact alerts for large withdrawals.
- Easy Access Savings Accounts offering attractive interest rates, eligible for protection under the U.K.’s Financial Services Compensation Scheme (FSCS).
- U.K. app partners that include Griffin Bank Ltd, which provides the savings accounts, and Moneyhub Financial Technology Ltd, which provides Open Banking, Account Information (open data) and Payment Initiation services.
“We are excited to be introducing this innovative product, which we believe will give us a competitive advantage, allowing us to immediately offer highly attractive interest rates in the large financial services market,” Parden said. “We believe Marygold & Co. (UK) will be the first financial services organization to launch an app based on proprietary technology that focuses on consumers’ complexities and behaviors, recognizing that we are all unique and have our own financial DNA.”
Nicholas Gerber, CEO of The Marygold Companies, said, “Following a successful proof-of-concept phase and comprehensive marketing research, we are now directing our resources toward marketing the app in the U.K. We anticipate there will be a faster adoption rate in the U.K., where the market is highly focused, and where the consolidated company already has an established financial services business. Research indicates that most U.K. citizens do not feel that their current traditional banks adequately meet their financial goals and savings needs. The Marygold & Co. (UK) app recognizes diverse financial personalities and requirements, and offers an ‘emotionally intelligent’ suite of unique, attractive features that allow users to self-curate their own savings plans and journeys.
“Leveraging our experience and success in the U.S. as an ETF fund manager, averaging approximately $3 billion in assets under management, together with our U.S. fintech banking development team, we have positioned the Company to expand into the global financial services arena,” added Gerber. “The development and commercial launch of the Marygold & Co. (UK) app this month is a firm step in that direction. Congratulations to Matthew Parden and his U.K. team.”
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