UK bank Lloyds teams up with Lumio to help couples better manage their finances

Lloyds has teamed up with Lumio, the innovative money app, aimed at transforming how people manage their shared finances. They’ll work together to make financial management for couples simpler, efficient and more collaborative.

Lumio’s cutting-edge app allows couples or other people who manage a household budget together, to manage their finances in a shared space, track and automatically split shared expenses and save together towards common financial goals.

It will be rolled out between May and August to selected Lloyds customers that jointly manage bills, who will be invited to trial the app on a first come first serve basis and enjoy free access to Lumio Couples Pro, Lumio’s premium package, typically priced at £39.99 per year.

Tamara van den Ban, customer propositions director at Lloyds Banking Group, added: “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.

“We believe that collaboration is key to delivering exceptional services and enhancing our capabilities and we are excited for what our partnership with Lumio will bring to better address our customer needs.”

Lumio’s founder, Charlie Richardson added that: “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.”

More than 40,000 Lumio couples already benefit from having joint oversight of shared spending, account activity and any shared balances. Both people can work towards shared financial goals, whilst keeping their accounts separate.

Customers can also split expenses with a real-time IOU tracker, reducing any potential tension as both parties have access to an automated, accurate record of expenses and payments due.

Lumio is a successful graduate of the Lloyds 2024 Launch Innovation programme, which provides a select group of participants with the unique opportunity to run a commercial experiment with Lloyds Banking Group, opening doors to potential future partnerships and investment from the Group’s Fintech Investment Team.

Lloyds recently announced the next 21 start-up and scale-ups that have been selected for Launch 2025.

Further reading: Lloyds Banking Group selects Moneyhub as data enrichment partner