LONDON, Nov. 12, 2020
Leading European fintech bank is breaking both the traditional banking model and challenger bank approach to drive next wave of integrated UK banking
LONDON, Nov. 12, 2020 /PRNewswire/ -- FinecoBank, one of Europe's leading fintech banks, reported record volumes from its UK client base this quarter, following a successful H1 this year. Fineco's active current accounts increased 55% from March to September 2020 compared to the same period in 2019, while active current accounts on trading more than tripling on a yearly basis.
FinecoBank entered the UK market three years ago with a unique offering combining brokerage, banking and investment services. In the last quarter FinecoBank saw 17% total UK growth. .
Paolo Di Grazia, Vice General Manager of FinecoBank commented: "Today's results validate some key assumptions we made about today's customer when we decided to enter the United Kingdom: people want an integrated provider that offer many services through one streamlined portal, and that the primary way those services will be delivered will be digitally. The current climate confirmed and accelerated these trends, and we fully expect this to be the default model in the near future. We will remaining focused on developing and growing our base of quality clients who use Fineco who frequently use the company's services."
Fineco continues to drive its UK customer offering and against a turbulent market backdrop and has developed a successful webinar and education training programme this year. Each webinar provides advanced traders the chance to develop their knowledge, including a live analysis of markets and review of open trades and is followed by a short trading clinic.
Fineco has also expanded its investment funds available to UK customers this year, clients can now access a wide variety of investment strategies, including with JP Morgan, Capital Group, Fidelity Investments, Aberdeen Investments, M&G Investments, Algebris and Columbia Threadneedle Investments.
Fineco plans to continue to expand its offering for UK customers and intends to roll-out additional features and services during the next months, enlarging its fund offering, with ISAs and saving products in 2021.
FinecoBank is one of the most important FinTech banks in Europe. Listed on the FTSE MIB, Fineco offers a business model that is unique in Europe, combining the best platforms with a large network of financial advisors. It offers a single account with banking, trading and investment services, on transactional and advisory platforms developed with proprietary technologies. Fineco is a leading bank in brokerage in Europe, and one of the most important players in Private Banking in Italy, offering advanced and tailor-made advisory services. Since 2017, FinecoBank has also been in the UK with an offer focused on brokerage, banking and investment services. Fineco Asset Management was founded in Dublin in 2018, with a mission to develop investment solutions in partnership with top international asset managers.