UK-based startup Bean, a comparison app which alerts its users to savings opportunities, has officially received approval from the region’s Financial Conduct Authority (FCA), to launch its service, the company announced today.

Bean, which connects to a user’s bank accounts, credit cards, and other financials (including subscription services or monthly bill payments), tracks a customer’s regular payments in order to better help that customer save or budget.

More than 50% of consumer spend is due to reoccurring payments — such as the payment for a Netflix subscription — the company said.

Regulatory approval from the FCA will allow the company to share deals on insurance and credit products on its platform, Bean said in today’s release, as well as adding other services that will allow its users to automate their savings.

Peter Myatt, CEO for Bean, said in the release:

Consumers are increasingly signing up to the products and services they love using monthly or annual payments. But they fall into subscription traps and miss out on savings if they don’t keep on top of their spending.

Bean doesn’t just show you a dashboard of your personal finances, it actually notifies you about better deals and potential savings across the bills marketplace and helps you get rid of unwanted subscriptions, without any hassle.

Read more at BankingTech and AltFi News.

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