Finndon, a new UK-based challenger bank looking to launch next year, has reportedly raised £2m from its founders.
The capital will be used to support the creation of its infrastructure and the process of receiving authorisation from the Financial Conduct Authority to begin operations, according to a report from FinTech Futures.
In addition to this, the capital is also enabling Finndon to form a partnership with Modulr, Global Payment Services, Allpay Cards and Transaction Payments.
Currently, the bank is pegged for a Q1 2021 launch and is hoping to become the UK’s number one challenger bank by 2025.
The mobile bank will offer consumers tools for spending and budgeting, smart saving, and investing.
Its website claims, “Finndon believes that everybody should be able to achieve financial freedom, not be bamboozled by the complex language and products causing many people to give up hope on financial aspirations. We get it… Finances these days are stressful…! You are not alone!
“The days where your bank would support you, ensuring you fully understand how to benefit the most from your money has disappeared for too long. Like much of the population, our CEO was not educated in school about the everyday aspects that would trip you up on your journey of trying to establish an honest, financially secure future. That change is coming!”
Its goal of becoming the biggest challenger bank in the UK is ambitious as there are a number of major players already. The most notable players are Monzo and Revolut which are valued at $1.25bn and $5.5bn, respectively.
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