Fintect Firm Squeeze Acquires Youtility To Offer Finacial Services By CIOTechOutlook Team

Fintect Firm Squeeze Acquires Youtility To Offer Finacial Services

CIOTechOutlook Team | Friday, 27 October 2023, 11:40 IST

Youtility, a UK digital start-up that connects with banks and financial technology firms to give embedded home finance management services, has been acquired by Squeeze, a fast-growing US tech platform that helps consumers manage, assess, and save on their recurrent insurance contracts.

Youtility’s market leading B2B API platform combined with Squeeze’s data analytics and B2C experience will see a next generation offering delivered to UK consumers. The newly combined business will deliver a seamless and embedded experience to bank and fintech customers enabling them to manage, track and take action on their household finances directly from within their existing apps, as per business wire.

By collaborating with banks and fintechs, this eliminates the work and aggravation that consumers have when using traditional price comparison websites. Youtility's clients include Virgin Money, Wagestream, and Pockit, among others, and the company plans to announce a number of new significant financial collaborations next year.

According to the Office for National Statistics, household energy prices in the United Kingdom have climbed by 100% in the previous three years, prompting 50% of UK people to use less fuel and 67% to spend less money on non-essential products. As a result, there has never been a more important time for banks and fintech platforms to assist their consumers in better managing and saving money.

Since its statewide introduction in 2021, Squeeze has swiftly developed an amazing track record in the United States, saving the average customer $786 per year on vehicle insurance and $400 per year on house insurance, with the company seeing >300% year on year revenue growth. The success of the company is built on a dual strategy. It acts as an unbiased consumer advocate, providing better price alternatives while its autonomous technology eliminates friction and decreases customer effort to act.