The app will be powered by Moneyhub’s open banking technology and artificial intelligence algorithms from fellow fintech Wyzr.

Moneyhub APIs will gather data and sort it through its categorisation engine which will then enable Wyzr users to label transactions.

Moneyhub said the app will allow consumers to analyse past and current spending and to save for the future.

It said it was a big leap forward from most other money management apps on the market, which require users to work out how much they spend on each category instead of automating the process.

Wyzr can also automatically create a monthly budget for users by analysing their past spending, as well as tracking the carbon footprint from their spending.

Sam Seaton, CEO at Moneyhub, said: “Having the full picture of your finances is the first step on the road to financial wellbeing and a more prosperous future. As such it’s been a delight to partner with Wyzr to bring the power of Open Banking to the world of Financial Planning, enabling financial knowledge to become the basis of a powerful solution to increase savings.”