LONDON, Feb. 11, 2021
Leading European fintech bank highlights a strong acceleration in UK customer acquisition, operating breakeven for UK operations expected within 1Q 2021
LONDON, Feb. 11, 2021 /PRNewswire/ -- FinecoBank, one of Europe's leading fintech banks, today reported a strong acceleration from its UK client base in the last few months of 2020, and an overall increase in active clients on brokerage. Fineco's UK total current accounts increased by about 70% during 2020, while the ratio between active accounts on trading and total active current accounts jumped 63% from 15% in 2019.
FinecoBank entered the UK market three years ago with a unique offering combining brokerage, banking and investment services. In January 2021 new current accounts reached already 19% of new current accounts opened in whole 2020.
Paolo Di Grazia, Vice General Manager of FinecoBank commented: "In 2020 we have recorded a stickiness of 90% on our active clients, confirming that we are attracting not hit & run speculative and volatile customers, but experienced traders, loyal and looking for quality offer. It's a further evidence that we chose the correct positioning. With this boost to our generated revenue, we expect to be at operational breakeven in the first quarter of 2021. Thanks to this acceleration, we now expect to reach our first target of 30-35 thousand good clients well ahead of our predictions."
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 Jupiter, Nordea, Robeco, Carmignac, 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 this year with additional and services and expanded fund offerings and saving products.
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.