EXCLUSIVE – There’s a new banking app in town – Emma. The British fintech company, which is still in beta, is gearing up for its launch in the U.K now that it received FCA approval to operate under the new PSD2 mandate.

“This is a big deal for us,” Emma co-founder and CEO Edoardo Moreni told Bank Innovation.

Early this week, Emma gained approval by Financial Conduct Authority under the Payment Services Regulations 2017 for the provision of payment services to be able to access European bank data (read more about the PSD2 mandate here).

The next step, Moreni explained, is procuring approval to initiate payments within the app: that way users can transfer funds between their various accounts and credit cards.

Based in London, Emma is a banking app that aggregates a user’s bank accounts and credit cards to give them a full picture of their finances. It alerts users on overdrafts, tracks debt, prompts them to save money as well as keeps track of all their subscriptions.

The company was launched into beta last month. It was formed by Moreni and his partner Antonio Marino. The company’s name is a variation of their combined initials.

“The goal is to have an app that aggregates all of a user’s financial information onto one app,” he said. “And eliminate the need for multiple banking apps.”

The Emma app, which is free, is available on both iOS and Android. In addition to aggregating all financial information, the app provides financial advice and tips using gamification tactics.

Right now, all the major banks and credit cards (including American Express) can be connected to app. Starting next week, it will be able to connect to challenger banks like Monzo and Revolut, Moneri said.

The app is set to go live in the U.K. within the next three to six months, Moreni told Bank Innovation.

After that it will seek to launch in other countries across Europe. Countries such as Finland and Sweden “that don’t use any cash” are top priorities as opposed to those countries such as Germany, which is still “the biggest cash user in the EU.”

To learn more about the latest developments in mobile banking, join us on March 5-6, 2018 at the Parc 55 in San Francisco for Bank Innovation 2018. Click here to request an invitation.