Tech company Squeeze acquired digital software firm Youtility on Thursday, with an aim to provide a seamless experience to bank and fintech customers enabling them to manage, track as well as take action on their household finances directly from its current application.
According to national statistics, UK household energy bills have increased by 100% in the last three years, forcing 50% of UK adults to use less fuel and 67% to spend less on non-essential items, said the firm. This led banks and fintech companies to take action for the betterment of the customers.
US-based Squeeze is a price-comparing service provider launched in 2021. The company said it has a dual approach, where it functions as an impartial consumer advocate, delivering better pricing options, while its autonomous technology removes friction and reduces consumer effort to take action said the company.
Youtility, now powered by Squeeze was launched in 2016. The company works in B2B environment and is an Application programming interface (API) platform specializing in comparison, renewal and switching markets.
Youtility’s clients include Virgin Money, Wagestream, Pockit among others and is due to launch a number of additional large banking partnerships next year.
Elias Janetis, executive chief of Squeeze, said “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.”
