Lloyds Banking Group has partnered with the money app Lumio to simplify shared financial management for couples.
Lumio’s app enables couples or households to manage their finances in a collaborative space, track and automatically split expenses, and save towards common financial goals.
The app will be available from May to August for selected Lloyds customers who manage bills jointly. These customers will have the chance to trial the app on a first-come, first-served basis and enjoy complimentary access to the premium Lumio Couples Pro package, normally priced at £39.99 per year.
Tamara van den Ban, Customer Propositions Director at Lloyds, states: “Lumio offers an easy way to manage money together, making daily financial tasks stress-free for those who need to collaborate—whether they are couples, siblings, or flatmates.”
Lumio’s founder, Charlie Richardson, notes: “Modern couples often face an account gap. Lumio provides a solution that allows them to spend independently while maintaining financial clarity and alignment as a couple.”
With over 40,000 couples already using the app for oversight of shared spending and account activity, users can pursue shared financial goals while keeping their accounts separate. The app also features a real-time IOU tracker to split expenses, minimizing any potential tension with automated records of expenses and payments.
Additionally, Lumio is a successful graduate of the Lloyds 2024 Launch Innovation program, which offers participants the chance to conduct commercial experiments with the bank and explore further investment from the Lloyds Fintech Investment Team.
Van den Ban emphasizes, “We believe that collaboration is essential in delivering exceptional services and enhancing our capabilities, and we are eager to see what our partnership with Lumio will achieve for our customers.”