US-based tech switching platform Squeeze has acquired Youtility, a UK start-up that collaborates with banks and fintech companies. Youtility offers an embedded connectivity platform connecting customers to utility and telecom suppliers. Its primary investors are Barclays, Big Society Capital, The Joseph Rowntree Foundation, and Social Tech Trust, among others. Squeeze’s acquisition marks the first time a US price comparison website has purchased a UK price comparison service, paving the way for a revolution in the market. The newly-formed entity will provide customers with greater control and financial certainty amidst a period of uncertainty.
Youtility enables banks and other financial institutions to manage, monitor and assist customers in managing household finances through their existing applications. Its clientele includes Virgin Money, Wagestream, and Pockit. The company is slated to announce partnerships with several banks in early 2024. Elias Janetis, Squeeze’s CEO, remarked how excited he is to leverage his expert team and unique technology to help UK consumers make more informed decisions and save money on home finances.
The newly-formed group’s collective mission is to assist people in saving money on their largest payments year after year. Tyler Randolph Boyd, Squeeze’s chief strategy officer, added that the new company combines Squeeze’s customer-facing experience with Youtility’s market-leading B2B services, offering a one-of-a-kind embedded experience for both businesses and customers. Youtility was established by Will Kostoris and Charlie Quigley and most recently closed a £4.5m funding round led by Barclays in 2020.
Overall, the combination of Youtility’s B2B API platform and Squeeze’s analytics and B2C experience will offer a next-generation switching solution delivered to UK consumers. The new group will deliver a seamless and embedded switching experience for bank and fintech customers, explaining more about the platform.
