Fiinu is a British banking start-up undergoing the Bank of England authorisation

Our goal is for customers to be in a better financial shape after they join us.

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FOUNDER'S STORY


Marko Sjoblom - Founder CEO
Marko Sjoblom
Founder CEO

For Fiinu’s founder, increasing financial inclusion in the retail banking space is a personal mission. He grew up in a very poor working-class family, without running water, living financially from week-to-week. Marko experienced first-hand the impact of families needing to regularly use the most expensive types of credit.

The experience showed Marko that frequent use of short term credit products, including unarranged overdrafts and payday loans, can quickly spiral into a never ending, negative cycle that disadvantages and targets those who can least afford it.

Having grown up with the damaging effects of financial exclusion, including broken families and personal bankruptcy, it is unsurprising that Marko has spent much of his career fighting financial inequality and finding ways to instigate a fairer banking system.

It did however lead to Marko developing his entrepreneurial spirit early on, starting his first business at the age of eleven, selling home-made wildflower bouquets door-to-door.

Years later, Marko developed his belief in the ability of innovative technology to help increase financial inclusion and fix the failures of the incumbent banks, after many years spent helping large banks and financial service companies to manage their governance, risk and liquidity with the latest technology.

As a result, Marko soon founded his own business, offering overdraft-style short term loans that saved customers millions of pounds annually when compared to overdrafts from traditional retail banks. This industry-first, best practice business model formed the basis of the Financial Conduct Authority’s Policy Statement in November 2014 (PS14/16) which introduced detailed rules for the price cap on high-cost short-term credit, which now saves consumers over £150 million per annum nationwide according to FCA annual report.

Now Marko has set his sights on a new challenge, shaking up the global banking industry by opening access to affordable credit, and once again using innovative technology to better serve vulnerable customers. He has pledged a target to save consumers £1 billion annually within five years.

We will be increasing competition
and fairness in banking

Outstanding savings rates

Watch your money grow
faster, and it’s protected
up to £85,000

An open door

Our unique credit rating gives
you a chance if you can’t get
credit elsewhere

Affordable credit

If you regularly go overdrawn,
it will be cheaper for you to
bank with Fiinu

Customers are the priority

We focus on our customers
in an industry that’s too
focused on upselling

Fiinu means simplicity

Fiinu's reputation is based on its simplicity: our products are clearly priced and easy to use

Move money for less

We offer competitive retail
foreign exchange & money
transfer services

Outstanding savings rates

Watch your money grow
faster, and it’s protected
up to £85,000

Technological Innovation
is the key to Fiinu

Fiinu is powered by Fiinuscore, a bespoke in-house developed decision engine that predicts the behaviour of short-term debtors more accurately than the out-dated process used by incumbent banks. When a customer applies for credit, their eligibility will be calculated using hundreds of rules and inter-linkages between non-financial pieces of data.

As a result of this innovative approach, Fiinu can help more people afford a modest amount of credit at a more reasonable price. Our goal is to help those millions of UK customers who are currently being ‘left out the room’ by banks using out-dated credit referencing methodologies and unfair credit procedures.

Fiinu’s intellectual property lawyers have stated that our neo-bank is on course to obtain the patents necessary to protect the key parts of the technical innovation that will enable Fiinu to revolutionise the retail banking market.

FIINUSCORE

Progress so far:

We have been undergoing the Bank of England’s authorisation process since the beginning of 2017. With an average authorisation period of 19 months, we are more than halfway through the process. The regulators process is designed to eliminate unsuccessful applicants early on, our chances of a successful application are high. Once the authorisation is complete, final applications have a 100% success rate.

Fiinu has developed several prototypes, of which, the first two products can be viewed from below videos.

The first one highlights how our Bank Independent Overdraft monitors and tops up any of your other personal current accounts so that you can avoid unarranged overdraft charges. The second video explains how our intelligent app is helping you to avoid any failed item fees. The key underlying difference in both of these products relates to FiinuScore, which allows us to lend responsible to millions of people who do not currently have arranged overdraft limits whilst also improving their credit scores.




We have a fully functioning provisional Board and governance structure in place, led by a seasoned and known customer-centric veteran Mr Andrew Briscoe, who is also the Chair of Money Advice Service and UK Capability Board.

We have been acknowledged and featured in various publications of which the two most widespread publications are Forbes and The Huffington Post. The business has received its seed-funding and it has won a start-up pitch award in an international event in Zurich.

Progress so far:

We have been undergoing the licence authorisation process with the Bank of England regulators since the beginning of last year. The average time to be authorised is 19-months. We consider of being more than halfway through the process, which is basically designed to eliminate unsuccessful applicants early on. All applicants who have completed the process and submitted their application have been approved, 100%. Throughout the process, we have prepared vast amount of documentation required for the application.

The company has developed several prototypes, of which, the first two products can be viewed here:


We have a fully functioning provisional Board and governance structure in place, led by a seasoned and known customer-centric veteran Mr Andrew Briscoe, who is also the Chair of Money Advice Service and UK Capability Board.

We have been acknowledged and featured in various publications of which the two most widespread publications are Forbes and The Huffington Post. The business has received its seed-funding and it has won a start-up pitch award in an international event in Zurich.

Monetisation Strategy

Fiinu's primary source of revenue will derive from net interest income (Bank Independent Overdraft) and packaged account fees. The packaged account fees are largely targeted to retail and wholesale customers wishing to operate in the blockchain and cryptocurrency environments.

In a nutshell, once authorised, the bank will lend its long-term depositors' savings on a short-term basis to consumers who are under-served in relation to the choices available for small and ad-hoc credit needs.

The packaged account subscribers will also have direct access from their Fiinu current account to the world's most active digital asset exchanges, enabling Fiinu customer to trade digital assets at a low and fixed commission per trade.

Our values

We care passionately about our customers. Fiinu exists to help people achieve their financial aspirations by getting the most out of their money. We lead through innovation. We use new technologies to fill gaps in current banking services, helping transform the way banking is done.

We are always open and honest, with ourselves, our customers and our regulators. We are fun to be with.

Our focus is on meeting customers’ needs. Traditional banks no longer service the needs of customers in the digital age.

We understand our customers’ requirements and are constantly evolving, keeping pace with the fast-moving digital revolution.

Above all, Fiinu sees itself as an ethical entrant to a sector which has long struggled with its moral compass.

We believe that there is a right way to do banking, and every action we take moves us one step closer to fulfilling our drive to succeed whilst also maintaining our strict principles.

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