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Lloyds Banking Group has collaborated with Lumio, a financial management application, to enhance the way couples manage their finances.
This partnership aims to simplify and improve the efficiency of shared financial management for couples and households.
The Lumio app provides a platform for users to oversee their shared finances, track expenses, and work towards common financial objectives.
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Meanwhile, the initiative will be available to selected Lloyds customers who manage bills jointly, with a rollout scheduled between May and August.
Participants will have the opportunity to trial Lumio Couples Pro, a premium version of the app, at no cost, which typically retails for £39.99 ($53.7) annually.
The app currently serves more than 40,000 couples, enabling them to monitor shared spending and account activity while maintaining separate accounts.
Users can also utilise a real-time IOU tracker to split expenses, which aims to minimise disputes by providing both parties with an accurate record of financial transactions.
Lumio founder Charlie Richardson said: “Modern couples have fallen into an account gap and Lumio provides these couples with a solution that makes it easier for them to spend independently but retain financial clarity and alignment as a couple.”
Lumio is a graduate of the Lloyds 2024 Launch Innovation programme, which allows selected fintech startups to conduct commercial experiments with Lloyds Banking Group, potentially leading to future collaborations and investments.
The bank has recently revealed the next cohort of startups chosen for the 2025 Launch Innovation programme, which aims to support emerging fintech and insurtech companies through expert guidance and resources.
Lloyds customer propositions director Tamara van den Ban said: “Lumio offers an easy way to manage money together, making every day financial tasks stress-free for people who need to do this together – whether that be couples, siblings or flatmates.”
Last month, Lloyds Banking Group partnered with Google Cloud to leverage its AI and data science capabilities, supporting the group's goal of helping individuals and businesses make informed financial decisions.
"Lloyds, Lumio partner to enhance money management" was originally created and published by Retail Banker International, a GlobalData owned brand.
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