Who Finexer are and what a principal firm relationship means

Finexer Ltd is the regulated open banking company behind the account connection used by this product. JEMA Software Ltd builds the customer-facing budgeting app and presents the account information service as Finexer's registered agent.

Those roles are easy to blur because the user mainly sees one product journey. The legal and operational relationship underneath it is more specific.

Finexer is authorised and regulated by the Financial Conduct Authority under the Payment Services Regulations 2017. Its firm reference number is 925695. JEMA Software Ltd is listed as an Account Information Services agent, with firm reference number 1061485.

What Finexer does

Finexer provides open banking infrastructure to businesses. Its systems connect to supported financial institutions and expose account information through a consistent technical interface. The company describes its services as including account data and payment capabilities for different business customers.

This budgeting product uses the account information side only. It does not use payment initiation. Finexer's wider authorisation does not expand the permissions or features presented by JEMA Software Ltd.

At a technical level, Finexer handles the regulated bank connection, consent journey and communication with bank interfaces. It returns approved account information in a form the budgeting service can process. That avoids JEMA having to build and maintain a separate direct integration with each bank.

The Finexer website describes the firm's infrastructure and displays its FCA status. The Financial Services Register remains the authoritative public record of permissions.

What principal means

In an agency model, the principal is the regulated firm on whose behalf the agent provides the service. The agent does not borrow a logo or receive a general endorsement. It acts within a defined arrangement for a defined regulated activity.

The FCA explains that a principal is responsible for what an agent does or omits while providing the payment service. The principal needs systems and controls to oversee the agent. It also assesses the people responsible for managing the agent and submits the agent registration through the FCA's process.

For account information services, the customer agreement for the regulated service is with the principal. The customer-facing product must make it clear that the agent is acting for that principal. This is why legal and connection screens identify both companies instead of describing JEMA Software Ltd as independently authorised.

What the agent remains responsible for

Principal oversight does not outsource every decision. JEMA Software Ltd remains responsible for building and operating its app, protecting the systems it controls, giving Finexer accurate information, following agreed procedures and raising incidents.

It also has to keep the customer journey within scope. If a feature changes the data requested, the purpose of access or the way information is presented, that can affect compliance documentation and technical controls. Product work cannot be treated as separate from the registered service.

Support is another shared boundary. An ordinary app question may sit with JEMA. A complaint about the regulated account information service may involve Finexer's complaints process. The public site identifies the route so a user does not have to guess which firm exists behind the connection.

What the relationship does not mean

JEMA Software Ltd is not described as FCA authorised or regulated. It is a registered agent. Finexer is the authorised and regulated principal firm.

Finexer does not hold a user's current account balance for this product. The original account remains with the bank. JEMA Software Ltd does not hold client funds either.

The relationship also does not make the budgeting calculations regulated financial advice. The regulated activity is the provision of account information. Features that organise transactions or show estimates still need clear limitations and accurate descriptions, but they do not become personal recommendations because they use regulated data infrastructure.

How oversight appears in ordinary product work

Much of a principal relationship is not visible as a badge. It appears in documents, approvals and operating routines.

The company has to describe who can access customer information, how consent is recorded, how incidents are escalated, how complaints are handled, how customer wording is reviewed and how service changes are controlled. Finexer can ask questions, require evidence or set conditions before a change is accepted within the arrangement.

That can feel slower than shipping an ordinary app feature. The delay has a purpose. A change to a bank connection can affect permissions, security and customer understanding at the same time.

Checking both firms

The FCA Register entry for JEMA Software Ltd identifies FRN 1061485 and its agent status. The entry for Finexer Ltd identifies FRN 925695 and the principal firm's permissions.

The FCA guidance on agency models explains the regulatory structure. Reading the two register entries alongside that guidance gives a more accurate picture than a generic claim that the app is FCA approved.

The concise version is this: Finexer provides the authorised account information service and regulated infrastructure. JEMA Software Ltd presents that service through its budgeting app as Finexer's registered agent. The product uses read-only account information and does not provide payment initiation services.

For current service details, read the company's open banking explanation and Privacy Policy.