PrePay Solutions (PPS), the prepaid and digital banking specialist, has joined forces with challenger bank, Coconut, to enable the delivery of an app-based account that uniquely manages tax and expenses for freelancers and self-employed people.
Under the partnership, PPS will provide full banking infrastructure and card technology to help Coconut deliver its account. This will support freelancers and self-employed people manage their finances and prepare for the implementation of Making Tax Digital.
The transaction information gained from cards provided by PPS will allow Coconut to offer more tailored services and products to its customers.
Ray Brash, CEO of PrePay Solutions, said: “It is exciting to be working with a company as innovative as Coconut. As with any partnership, the chemistry has to be right and the Coconut team is perfectly aligned with our company vision and ambition. Freelancers, sole traders and small businesses are the backbones of our economy, but they are completely underserved when it comes to fit-for-purpose digital banking & account tools.
“Working together with Coconut, we’re offering a completely new type of product to a growing and underserved group, helping them to benefit from personalised accounts that truly meet their business needs both now and in the future.”
Sam O’Connor, CEO of Coconut, added: “We’re really pleased to be working with the PPS team – they have created the best banking infrastructure product in the UK and are bringing some of the most innovative financial products to market. We’ve worked together to deliver our product in record time with our Beta launch this January. PPS is a crucial long-term partner for us.”
The Coconut account includes a smartphone app featuring fully-automated tax management and expenses tools, as well as a contactless Mastercard for making payments in-store and online. An account can be opened in minutes on a customer’s mobile and offers instant notifications on all transactions.