The company has joined forces with Canadian investment firm Bayshore Capital Inc. to launch iMoney.co.uk, with Barclaycard owning an 87% stake in the partnership and the Canadian firm 13%.
Bayshore, which claims to have pioneered the development of online financial services in Canada, first launched an iMoney.com financial services site in 1997. Before its acquisition by Canoe in April last year, iMoney.com was Canada's leading interactive financial services marketplace with approximately 1 million page impressions per day.
James Davison, chief executive of iMoney.co.uk, said the UK joint venture would use some of the Canadian company's existing back-office technology but the front-end of the site would be entirely new. Hosting and web development work would be outsourced.
"We are not going to launch until we are sure that the iMoney site is 100% secure. Hopefully, this will be by the early summer," Davison said.
The iMoney.co.uk Web site will have a target of 200,000 registered users by the end of the year, with the company aiming to convert some of Barclaycard's seven million customers into site regulars.
The site will offer users the chance to compare and select from a variety of financial products including mortgages, personal loans, insurance and stocks and shares.