Youtility, a UK technology start-up that partners with banks and financial technology companies, has been acquired by US firm Squeeze.
Squeeze runs a fast-growing US tech switching platform which helps consumers manage, evaluate, and save on their recurring insurance contracts.
Youtility is the market-leading technology platform delivering embedded connectivity between banks and customers and utility and telecom suppliers.
It is backed by some of the UK’s leading investors and social impact organisations including Barclays, The Joseph Rowntree Foundation, Big Society Capital, and Social Tech Trust.
Squeeze’s acquisition of Youtility is believed to be the first purchase of a UK price comparison service by a US price comparison website.
The acquisition will allow Squeeze to revolutionise the UK price comparison market, providing consumers with greater control and financial certainty at a critical time of uncertainty.
Youtility enables banks and other financial organisations to manage, track and help their customers act on their household finances directly from within their existing apps.
Their current clients include Virgin Money, Wagestream, and Pockit – with several banking partnerships set to be announced in early 2024.
Elias Janetis, founder and CEO of Squeeze, said: “I am excited that our expert team and unique technology can help UK consumers to make more informed decisions and to save money on their home finances.
“Our combined technologies will allow banks to embed essential money-saving actions and help all customers, not just the financially savvy, bring about a new era of price comparison to the UK market.”
Tyler Randolph Boyd, Squeeze’s chief strategy officer, added: “By combining the consumer-facing expertise of Squeeze with the market-leading B2B services of Youtility, the new group will offer a one-of-a-kind embedded experience both for businesses and their consumers.”
The newly formed group has a collective mission to help people save money on their largest payments year after year.
Youtility’s market-leading B2B API platform combined with Squeeze’s unrivalled data analytics and B2C experience will see a next-generation switching offering delivered to UK consumers.
The new group will deliver a seamless and embedded switch experience for bank and FinTech customers.
Youtility was founded by Will Kostoris and Charlie Quigley and closed a £4.5m funding round led by Barclays in 2020.