Lumio Teams Up With Lloyds To Support Shared Budgeting
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Lloyds Banking Group has joined forces with finance app Lumio to help couples and households manage their shared responsibilities more smoothly. The app offers a shared space where users can track spending, split costs automatically, and work toward shared goals. It’s designed to support couples, roommates, and others who handle expenses together.
The new service will be introduced gradually from May through August. A group of selected Lloyds customers who already share bill responsibilities will be invited to try the app. They’ll receive complimentary access to Lumio Couples Pro, the premium version of the app, which normally costs £39.99 per year.
Lumio Offers A Simple Way To Handle Shared Finances As A Team
Tamara van den Ban, customer propositions director at Lloyds Banking Group, said the partnership is aimed at helping people who manage expenses together. She added that Lumio offers an easy way to manage finances as a team, easing everyday tasks for couples, siblings, or flatmates who share responsibilities.
Charlie Richardson, founder of Lumio, said many couples struggle to balance shared oversight with individual control. He noted that modern couples have fallen into an account gap and Lumio provides these couples with a solution that allows them to act independently while staying aligned.
More than 40,000 users already rely on Lumio for joint oversight of shared spending and account activity. Both parties can work toward shared targets while keeping their individual accounts separate. This setup gives each person clarity without needing to combine everything into one account.
The app includes a real-time IOU tracker, which keeps an accurate log of who paid what. This helps reduce tension by offering both parties a clear view of any pending balances or contributions. It creates a shared understanding of where things stand at any time.
Lloyds Plans To Support Tools That Fit Into Daily Financial Life
Lloyds said it sees this collaboration as part of its effort to bring useful digital tools to its customers. By teaming up with Lumio, the bank wants to support households that manage their financial lives together without needing to change how they bank day-to-day.
Lumio took part in Lloyds’ 2024 Launch Innovation program. This initiative lets emerging tech companies test ideas within the bank’s ecosystem. Lloyds said it’s one way the bank identifies fresh solutions that can serve its customers in practical ways.
The firm said participants in the program can also be considered for investment from the Lloyds Fintech Investment Team. These partnerships give promising companies a chance to explore their ideas with support and input from the bank’s experts.
Van den Ban said the goal is to find partners who can help the bank offer better services. She believes that collaboration is a good opportunity for Lloyds to deliver exceptional services and enhance its capabilities. The firm is excited for what the partnership with Lumio will bring to better address its customer needs.
This new partnership highlights Lloyds’ interest in tools that simplify everyday responsibilities for couples and households. As digital habits evolve, the bank is aiming to support those who manage life together but still want flexibility and control.
