Stelios Haji-Ioannou, founder of Easyjet, is to enter the banking arena under the name of Easymoney, according to a report in the FT.
The Financial Times report says Haji-Ioannou will launch an online Easymoney credit card next month, with personal loans to follow, in a venture with UK money lender London Scottish and credit card company Accucard. The move comes after the breakdown of talks with Bank of Scotland.
The new card will offer an innovative service to consumers, allowing them to personalise their cards by varying conditions such as interest rate, annual fee and cashback provisions. Choosing a higher fee, for example, would result in a lower interest rate or more cash back on spending, writes the newspaper.
The FT says Haji-Ioannou hopes to sell 75,000 cards within a year, and is also developing systems to offer unsecured loans. Additionally, within six months a loyalty scheme will be launched, which is likely to offer points towards spending on other Easy companies, such as Easyjet, EasyRentacar, and the EasyEverything Internet cafes.