There is an entire world of startups that are working day and night to change the world for the better. If you’re considering investing money in startups, consider Fiinu.
The British banking startup is working its way up to disrupt the banking system addressing some of the problems in the financial services market. Before however, they must complete undergoing formalities with the Bank of England to become a fully licensed and regulated deposit-taking bank.
Fiinu, found online at Fiinu.com, is a British bank actively in development.
Fiinu is going through a full bank license authorization process with Bank of England regulators as well as the Prudential Regulation Authority and the Financial Conduct Authority. The bank has been testing and developing its smart credit products since the beginning of 2017.
The team behind Fiinu has experience across the industry. That team has gone through the full UK bank license authorization process once before (for a family office). They’ve also already built a digital banking platform from scratch. The founding team has worked together for 10+ years, and previously worked at a UK-based fintech company that lent and recovered over 4.5 million overdraft-style loans with a trade value of over £1 billion.
Once it launches, Fiinu will use it’s in house technoloiges to the benefit of the users. Therefore, customers will be able to hold both sterling and digital currencies into a single account, and exchange between both at a fraction of the market’s current cost. Additionally, clients will be able to take advantage of more lenient credit policies, but also services that have been designed to reduce commissions, and provide a better experience for all of its clients.
At this time, Fiinu is carrying out positive discussions with regulators in the UK, and is in the process of applying for a full banking license. Once it is granted, the company will try and fix all service failures currently present in the banking sector, thus becoming one of the most innovative and competitive firms in the space.
Once launched, Fiinu will It will provide financial services to people and small businesses that feel excluded or underserved by the existing financial service sector, including the world’s first bank independent overdraft and allow consumers and small businesses to interact with digital asset marketplaces.
Fiinu’s innovative products will increase financial inclusion and strengthen the financial resilience of its customers. Ahead of its Bank of England authorization, the group has embarked on several moves and developments that look different and interesting.
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