App-only banking start-up Fiinu, has launched an equity crowdfunding campaign on Seedrs. The offer seeks £500,000 for a 6.67% equity stake at a pre-money valuation of £7 million. The aspiring digital challenger bank wants to throw its hat into the ring of Fintech firms competing against traditional banks. Fiinu is not live yet as it is in the process of seeking a banking license.
Fiinu said its goal is to raise 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 being offered on the Seedrs campaign is A-class shares, with no difference to the shares held by the founder.
Through incoming initiatives like PSD2, and the use of technology, Fiinu says it will provide a safety net to consumers falling into the trap of high fees charged by traditional banks.
Fiinu’s founder and CEO Marko Sjoblom commented on the crowdfunding campaign;
“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. 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 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 Board also includes David Hopton, with 40-years’ experience at the Bank of England and Banco Santander to Fiinu. Similarly, Katrina Arnold, a former UK financial services regulatory supervisor. Prior to joining Fiinu, Arnold 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 was the former divisional CFO at Vitality.
Briscoe says that UK banking is going through a period of rapid transformation.
“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.”
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