Lloyds teams with Lumio to help couples manage shared finances
Lloyds Banking Group has teamed up with money app Lumio to take the stress out of shared financial management for couples.
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Lumio's app allows couples or other people who manage a household budget together, to manage their finances in a shared space, track and automatically split shared expenses and save together towards common financial goals.
It will be rolled out between May and August to selected Lloyds customers that jointly manage bills, who will be invited to trial the app on a first come first serve basis and enjoy free access to premium package Lumio Couples Pro, typically priced at £39.99 per year.
Tamara van den Ban, customer propositions director at Lloyds Banking Group says: 'Lumio offers an easy way to manage money together, making every day financial tasks stress-free for people who need to do this together - whether that be couples, siblings or flatmates."
Lumio's founder, Charlie Richardson adds: 'Modern couples have fallen into an account gap and Lumio provides these couples with a solution that makes it easier for them to spend independently but retain financial clarity and alignment as a couple.'
More than 40,000 Lumio couples already use the app for joint oversight of shared spending, account activity and any shared balances. Both people can work towards shared financial goals, whilst keeping their accounts separate.
Customers can also split expenses with a real-time IOU tracker, reducing any potential tension as both parties have access to an automated, accurate record of expenses and payments due.
Lumio is a successful graduate of the Lloyds 2024 Launch Innovation programme, which provides participants with the opportunity to run a commercial experiment with the bank and the potential for further investment from Lloyds Fintech Investment Team.
Says van den Ben: "We believe that collaboration is key to delivering exceptional services and enhancing our capabilities and we are excited for what our partnership with Lumio will bring to better address our customer needs.'
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