Fiinu, a UK startup building a "blockchain-friendly" bank has added a pair of senior financial services industry veterans to its board.
One of a host of challengers hoping to shake up the British banking scene, Fiinu is planning to distinguish itself by focusing on people and small businesses that "feel excluded or underserved" by the existing financial services sector.
In practice, this means the use of its own 'Fiinuscore' credit rating system that will see it "lend responsibly to consumers and small businesses against crypto-based assets and help their short-term credit needs with overdrafts whilst encouraging financial resiliency".
Founded by Marko Sjoblom, who previously led payday lending alternative Myjar, the firm is currently applying for a full UK banking license.
As it gets ready to launch, it has brought onboard Andy Briscoe, chair of The Money Advice Service, the government-sponsored organisation dedicated to improving the financial resilience of the UK public, as chairman.
In addition, Bank of England and Santander veteran David Hopton has been named a non-executive director.
Says Briscoe: "UK banking is going through a period of rapid transformation and I am excited to see that new entrants like Fiinu want to help those people who feel excluded from the benefits of financial services."