Banking group Santander has acquired Albert, a London-based FinTech begind an invoicing and expenses app for the self-employed, in an undisclosed deal.
As part of the deal, Santander has taken over Albert in its entirety, including its team and technology.
The move is part of the group’s mission to support the UK’s 5.7 million small business owners.
“Over the past three years, Albert has quickly become the UK’s top-rated finance app for freelancers and the self-employed,” said co-founder and CEO Ivo Weevers.
“With the self-employment sector growing rapidly, now is a perfect time to capitalise on the support and expertise provided by the Santander Group.”
Lindsey Argalas, Santander’s chief digital and innovation officer, added: “Albert has a clear vision for how they can use technology to transform the experience of running a business.
“It is our shared belief that small businesses owners should have access to the tools that help them work smarter, and that deliver the same instant, seamless and personal experiences in finance, as they get in their daily lives.
“With Albert as part of the Santander team, we are a step closer to ensuring that more small businesses in the UK are able to prosper.”
The Albert app will continue to operate business as usual and there will be no disruption to the service.