FinecoBank, a major European Fintech 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 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.
ISA Products
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.
