Money saving app Moneytree to shut down in Australia

Tuesday 15 December 2020 12:10 CET | News

Budgeting app Moneytree has announced it will cease operations in Australia in January 2021.

Launched in 2017, Moneytree connected to over 50 financial institutions in Australia and created a total net worth based on the user's bank accounts, debts, loans, investments, and superannuation.

The company said current Consumer Data Right (CDR) requirements had constrained its ability to offer open banking services and this has been exacerbated by COVID-19. 

Moneytree said its services will be discontinued from 15 January 2021 but they will maintain a presence in Australia and will continue to explore commercial opportunities in the future. 

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Keywords: Moneytree, Australia, Open Banking, data aggregation
Categories: Banking & Fintech
Countries: Australia (continent)
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Banking & Fintech

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