United Kingdom challenger bank Coconut will partner with prepaid cards and services provider PrePay Solutions, or PPS, to enable the bank to deliver digital banking for freelancers and the self-employed, PYMNTs reported today.

Coconut, which was only recently launched in January, is looking to provide more tailored digital financial services for the U.K.’s freelancers, which currently account for 15% of the region’s workforce. With its PPS partnership, Coconut aims to deliver a mobile bank account that will help better manage expenses and taxes for this population.

PPS will provide “infrastructure and card technology” to the bank, but as yet, there is no mention of whether that will include providing prepaid cards to Coconut customers.

Ray Brash, CEO for PrePay Solutions, told PYMNTs:

Freelancers, sole traders and small businesses are the backbone of our economy, but they are completely underserved when it comes to fit-for-purpose digital banking and 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 personalized accounts that truly meet their business needs both now and in the future.

Read more at PYMNTs and Finextra.

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