Fiinu ‘Smartphone as a Bank’ launches Seedrs Crowdfunding Campaign

Fiinu is launching a crowdfunding campaign with Seedrs on 12 February 2018.

Fiinu’s primary purpose is raising money through investors and potential customers, and to involve them more closely with building a customer-focused bank that works for them, not against them. The equity on offer during the Seedrs campaign is A-class shares, with no difference to the shares held by the founder.

Once launched, Fiinu will utilise innovative technology and data processing techniques to offer much needed financial support. It will spearhead its launch by providing access to credit to the lower-half of the UK’s population; who are currently excluded from accessing affordable short-term bank credit. The company has pledged that its products will save UK consumers £1 billion annually on overdraft fees within five years.

Talking about the widespread issue of financial exclusion amongst the UK population Fiinu’s founder and CEO Marko Sjoblom said, “In this country we have some real issues in financial services. Whenever Fiinu sees a service failure in the market it will try to solve it through the innovative use of technology”.

Through incoming initiatives like PSD2, and the innovative use of technology, Fiinu will provide a safety net to consumers falling into the trap of extortionate fees charged by their own banks, with market-beating returns to savers, and accessible credit to those who wish to borrow.

Sjoblom continued, “With the implementation of PSD2, the power is back in the hands of consumers and we will be able to help them most via our trademarked Bank Independent Overdraft”.

Subject to FCA/PRA regulatory approval, Fiinu has provisionally formed a robust senior management team and an experienced board from the financial services sector including the Chair, Andy Briscoe, who is also the Chair of the Money Advice Service and the UK Financial Capability Board.

The impressive Board also includes David Hopton, who brings 40-years’ experience at the Bank of England and Banco Santander to Fiinu. Similarly, Katrina Arnold, a former UK financial services regulatory supervisor with emphasis on governance, banking conduct, and treating customers fairly has joined the ranks. Prior to joining Fiinu, Katrina was the Global Head of Regulatory Compliance Monitoring and Testing for HSBC’s Global Banking and Markets business. The most recent recruit is Jeegnasha Rawal, who brings over twenty years’ accounting and capital requirements experience to Fiinu. She joins Fiinu as the former divisional CFO at Vitality.

Andy Briscoe, Fiinu Chair and Chair of the Money Advice Service commented: “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. I have seen a lot of change in the financial service sector over the years, but I believe Open Banking offers unparalleled opportunities to serve consumers better. I am looking forward to working with Marko, the Executive Management Team and the rest of the Board.”

For more information please visit: www.seedrs.com/fiinu