Spot Money launches South Africa’s first Open Banking offering
Spot Money offers a mobile open banking platform that integrates with various bank and payment services.
Described as a positive move for the South African fintech (an innovation that aims to compete with traditional financial methods in the delivery of financial services landscape) Spot Money’s Open Banking marketplace will “bring a new dimension to enabling consumers to manage and control their money,” according to the company CEO.
The move follows the 2020 acquisition of Virgin Money South Africa, and central to the rebrand of the company is the launch of the latest version of the Spot banking app.
Jan 29, 2021
Spot Money has launched what it believes to the be South Africa’s first Open Banking offering.
The move follows the 2020 acquisition of the Virgin Money South Africa business by a leading South African private equity firm, in partnership with the local executive management team.
Central to the rebrand of the company is the launch of the latest version of the Spot app.
Andre Hugo, who continues at the helm of the Spot Money business as CEO, says the app was a significantly revised offering which would introduce Spot’s entry into Open Banking, and heralds the beginning of a fundamentally different business strategy as the company drives fintech forward in South Africa.