Fiinu, the new UK fintech bank, has announced its plans to raise £500,000 on Seedrs, part of a £30 million fundraising initiative, with funds released against key milestones including regulatory approval from the Bank of England.
The neobank, which is launching at the beginning of 2019, believes it can improve the global overdraft market through its disruptively innovative current account with overdraft extension, the Bank Independent Overdraft. This will provide, for the first time, a banking option to the more than 24 million British current accounts which are overdrawn annually. Fiinu’s products will help millions of consumers save money and improve their credit scores.
Fiinu’s long term approach is to “reboot” the banking industry, developing money management tools which utilise machine learning, artificial intelligence, PSD2 and Open Banking. It’s aim is to build fair, common-sense products, often in areas where there are inefficiencies within the traditional banking system.
The Bank Independent Overdraft, alongside other features, will shape a new global bank model that can quickly grow internationally by utilising existing transactional banking infrastructures.
Marko Sjoblom, founder and CEO of Fiinu, said, “We will offer choice and simplicity to consumers in a market where they are often at the mercy of large banks’ fees and rates. We aim to rebuild banking from the ground up, on a similar concept to Uber or AirBnB, by identifying and tackling inefficiencies to streamline banking and help customers be in better financial shape after they join us.”
Sjoblom continued, “The Bank Independent Overdraft is the first of many planned solutions to common banking problems that Fiinu will tackle to make everyday banking work for the end customer, and through successfully raising £30 million which will be released over the next three years we can really expect to make a difference to our customers’ finance.”
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