FinecoBank Reports Net Profit of over EUR 257 Million in 9M21

FinecoBank, a major European Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term bank, had reported strong results during the third quarter of 2021 on its business in the United Kingdom. According to the press release shared with Finance Magnates, the figure broke last year’s record growth hit.

The report noted that FinecoBank opened more current accounts in the UK than in the whole of last year when the Coronavirus Coronavirus The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, Read this Term pandemic started, representing over 70% of new current accounts. As a result, revenues stand at EUR 596 million in the first nine months of 2021, representing a surge of 4.1% yearly, the fintech bank said. Also, the firm recorded a net profit of EUR 257 million for the same period, which is up 4.4% from a yearly perspective.

“Financial needs are changing. The first nine months of this year have confirmed that a one-stop approach to connect banking, investing and trading all in one platform is the future for UK customers. New current accounts in the last quarter have been almost 70% higher compared to the whole of 2020. As we approach the end of the year, we expect this momentum to continue. We continue to grow at speed in the UK with the launch of Fineco ISA this year, and now over 20 asset managers are available through our investing platform. We are also excited to announce that plans are underway to launch in Germany. A one-stop digital solution across banking, investing and brokerage will be the default model of the future in Europe,” Paolo Di Grazia, Vice General Manager of FinecoBank, commented on the figures.

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Moreover, Di Grazia hinted at improvements of FinecoBank’s ISA offering by adding new options. “Fineco now has plans to improve its ISA with the introduction of multicurrency options, focusing on value and a personalized approach for customers by ensuring they can select the best investment solutions to align with their goals,” he added.

Last year, the bank added Fidelity International funds to its UK offering to bolster its investment portfolio in the country.