Squeeze, a leading US price comparison service, has announced the acquisition of Youtility, a UK fintech start-up that offers switching services for home finances. The deal marks the first time a US price comparison website has bought a UK price comparison service, and aims to create a new era of comparison market in the UK.
Youtility is a unique technology platform that integrates switching services into bank and fintech apps, allowing customers to manage and save on their household bills, such as energy, broadband, and mobile. Youtility’s clients include Virgin Money, Wagestream, Pockit, and several other key banking partners that are due to launch in 2024.
Squeeze is a US-based company that helps consumers find the best deals on their financial services, such as insurance, loans, and mortgages. Squeeze uses data analytics and artificial intelligence to provide personalised recommendations and savings opportunities for its users.
By combining their technologies and expertise, Squeeze and Youtility plan to offer embedded switching services to bank and fintech customers in the UK, enabling them to access personalised and optimal home services contracts based on their needs and preferences. This will create a seamless and hassle-free switch experience for customers, who can save money and time on their home finances without leaving their bank or fintech app.
The acquisition comes at a time when UK consumers are facing a cost of living crisis, with household energy bills increasing by 100% in the last three years, according to the Office for National Statistics. Squeeze aims to help UK consumers make more informed decisions and save money on their home finances, by providing them with greater control and financial certainty.
Elias Janetis, Founder and CEO of Squeeze, said he was excited to bring a new era of price comparison to the UK market, with the help of Youtility’s expert team and technology. He said that their combined technologies will allow banks to embed essential money saving actions and help all customers, not just the financially savvy.
The news of the acquisition was published on Yahoo Finance on October 26, 2023, and was based on a press release by Squeeze via Business Wire. The news also received coverage from other sources, such as Financial Content and Business Cloud.
The news also mentioned a previous news about Youtility raising £4.5 million in February 2020 for its open banking home finance platform.
The news did not provide any information about the financial terms of the acquisition or the valuation of Youtility or Squeeze. The news also did not include any quotes or comments from Youtility’s founders or representatives.
