App-only banking start-up Fiinu, has successfully secured its initial £500,000 funding target through its equity crowdfunding campaign on Seedrs. The initiative was launched last month and sought the funds for a 6.67% equity stake at a pre-money valuation of £7 million.
As previously reported, the aspiring digital challenger bank wants to throw its hat into the ring of Fintech firms competing against traditional banks. Fiinu is currently not live, as it is in the process of seeking a banking license.
“We intend to build a new bank because we want to change the financial services industry and improve the lives of millions of people. The banking industry has some major problems, which we believe we can solve. Many of us have had negative experiences with traditional banks, and 80% of us agree that these banks put profit before people. We aim for Fiinu to be a new bank that puts people before profit.”
While sharing details about the campaign, Fiinu’s founder and CEO Marko Sjoblom recently stated;
“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.”
The campaign is currently set to close later this spring.
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