Finndon commits £2m investment towards FCA authorisation
UK challenger bank, Finndon, has announced an initial £2 million investment committed by its founders.
The funding will go towards its infrastructure while undergoing activities towards securing authorisation by the Financial Conduct Authority (FCA).
The initial investment of £2 million has enabled Finndon to establish partnerships with Modulr, Global Processing Services (GPS), Allpay Cards and Transaction Payments.
Finndon states that it wants to become the number one neobank in the UK by 2025.
The challenger aims to launch in the first quarter of 2021.
Finndon claims to simplify finance and offer customers a seamless banking experience post-launch where they can spend, save and invest.
“Our drive is to help the everyday person understand and manage their money more effectively,” says founder & chief executive officer (CEO) of Finndon, Aaron Archer.
“By offering products that are beneficial and easy to figure out, whilst grasping the knowledge on how to avoid common pitfalls that can make it difficult to get financial security.”
He adds that banks “frequently bamboozle customers and hide behind complex financial jargon leaving many of the population disadvantaged in their financial decisions”.
He also discusses the issue of financial literacy that people do not receive whilst at school. “It was a sharp learning curve when taking responsibility for my own finances at a younger age. It left me feeling as if banks were taking advantage of my lack of knowledge at the time.”
Archer adds: “This is why I founded Finndon. To be able to help and educate customers into how they can make their money work more effectively, giving them opportunity to get on the property ladder sooner.”
Through clarifying financial jargon into easy to understand language, Finndon aims to offer products that customers can relate with.