Coconut, a FinTech aimed at supporting freelance workers, has stopped opening new current accounts.
In Brief:
It previously offered current accounts and helped freelancers manage their income, expenses and tax.
Now, it has stopped opening new current accounts.
It will instead operate as a “banking hub”, connecting with other providers through open banking.
What does this mean?
Now, Coconut’s Banking Hub will mean that bank statement feeds from other organisations can be used with Coconut technology for people to manage expenses and calculate tax without having to move their account to Coconut.
