The London fintech will roll out its SmartAccount platform in April, building on the early traction of its SmartPay payments network as it makes open banking the spine of a three-product financial ecosystem
SmartAccount launch signals next stage of growth
SSV Capital is preparing to launch its SmartAccount digital wallet product next month, marking a significant step in the company's plan to build a full-service fintech platform centred on open banking.
SSV SmartAccount powered by Griffin will offer current and savings accounts through a mobile app and web login. Customers/ Businesses/ Sole traders will be able to download the app in early April, with accounts expected to become operational from April 2026.
SmartAccount forms the second stage of a broader fintech strategy that began with the rollout of SmartPay, the company's pay-by-bank payments platform. The aim is to create an integrated financial ecosystem combining payments, digital wallet and consumer financing within a single open banking framework.
Open banking architecture at the core
SSV Capital’s SmartPay product says its technology stack has been built around open banking from the outset.
The company's systems are already connected to most UK banks through SmartPay. That connectivity has allowed the business to develop its own payment and authentication infrastructure based on the open banking ecosystem.
CEO Ankur Ghosh says this bottom-up approach allows the company to understand how banks process transactions and verify users across the network, giving it a technological foundation that can support multiple financial services. That infrastructure is now being extended beyond payments into digital wallets through the SmartAccount platform.
SmartPay lays the groundwork
The launch of SmartAccount follows the commercial rollout of SmartPay last year.
The payments platform allows customers to pay merchants directly from their bank accounts using open banking technology, bypassing traditional card networks. SmartPay has now signed up hundreds of merchants and is processing thousands of transactions, according to the company.
Average transaction values have ranged between £120 and £250, significantly higher than typical card transactions, which often average around £35. The platform is already generating revenue, providing the financial base for the company's next phase of development. The merchant network created through SmartPay is also expected to play a central role in distributing the new wallet product.
What SmartAccount will offer
SmartAccount will offer both current and savings accounts powered by Griffin through a mobile app interface and web login. Customers will open accounts through a digital onboarding process, using identity verification and biometric authentication.
The company plans to offer 1.50% AER (variable) interest on current account balances, calculated daily and paid monthly, alongside 3.00% AER (variable) interest on savings accounts, calculated daily and paid monthly. Eligible deposits will be FSCS-protected up to £120,000.
Rather than targeting customers through large-scale marketing campaigns, the initial growth strategy will focus on word-of-mouth and users already connected to the Smart Pay ecosystem. Merchants using SmartPay will be encouraged to open business accounts, while their customers can also adopt the platform.
Merchant network as early growth engine
The SmartPay merchant base is expected to provide the first wave of adoption for Smart Account.
By combining payments infrastructure with banking services, SSV Capital is attempting to create a closed financial loop within its platform. For merchants, this could mean receiving payments directly into a SmartAccount business account while also holding savings within the same ecosystem. Consumers, meanwhile, could use the same platform to make payments, manage savings and eventually access financing options.
The company believes this integration could help accelerate customer acquisition without relying heavily on traditional fintech marketing strategies. Its medium-term target is ambitious: reaching one million accounts within three to four years.
A three-part ecosystem takes shape
SmartAccount represents the second pillar of a three-product strategy built around open banking.
The first, SmartPay, is already operating with hundreds of merchants. The second, Smart Account, launches in April. The third, a buy now pay later product, is planned for the second or third quarter of next year, depending on how regulatory frameworks around open banking credit services develop.
Once in place, customers would be able to choose between paying instantly through pay-by-bank or spreading payments over time through a financing option, completing the company's intended fintech ecosystem.
Funding supports the expansion
The rollout follows the completion of a £2.5 million equity fundraising round, which closed at the end of February.
The round followed an earlier debt financing completed in 2024, which was repaid in full last year. According to the company, the equity round was oversubscribed.
Proceeds have been used primarily to fund software development, compliance and governance, banking partner infrastructure, and legal and regulatory costs.
A larger raise targets institutional capital
With the product launch approaching, the company is preparing a significantly larger funding round to support expansion.
SSV SmartAccount is targeting £15 million in new capital, primarily from venture and institutional investors.
The funding will be used to scale the SmartAccount platform, expand the payments network and support further development. The company hopes to complete the fundraising by quarter three this year.
Open banking drives the opportunity
The launch comes as open banking adoption continues to grow in the UK, with regulators and fintech firms increasingly viewing account-to-account payments as a credible alternative to traditional card networks.
For newer fintech entrants, the ability to build services directly on top of open banking infrastructure has lowered barriers to entry across payments, banking and credit.
SSV Capital is betting that integrating these services into a single platform will allow it to carve out a position in the crowded digital banking market. If the strategy holds, the combination of payments, banking and financing could establish the company as a specialist player in the next wave of open banking innovation.