Leading fintech bank breaking both traditional model and challenger approaches to drive next wave of integrated UK banking
MILAN, Aug. 3, 2021 /PRNewswire/ -- FinecoBank, one of Europe's leading fintech banks has set a new record for revenue growth in H1 2021 - exceeding last year's record-breaking growth.
In the first half of the year, Fineco opened more current accounts in UK than in the whole 2020, while improving the penetration of active clients on brokerage, representing more than 70% on new current accounts.
Highlights:
- Overall Fineco recorded robust net profit of € 184.6 million in the 6 months of the year (+2% y/y).
- Revenues at € 403.5 million (+3% y/y) led by Investing area (+22.7% y/y) thanks to the increase of AuM (at € 51.4 billion) and in Investing net margins.
- FinecoBank has a strong and safe capital position: CET1 (Tier 1 Capital) Ratio is 18.59%.
- Further European expansion with plans to launch in Germany by H1 2022.
FinecoBank entered the UK market three years ago with a unique offering combining brokerage, banking and investment services. In the first half of the year, revenues from UK business were almost equal to the ones recorded in the whole 2020.
Paolo Di Grazia, vice general manager of FinecoBank commented: "An extraordinary operating context in 2020 has led record growth, with today's results confirming a strong UK proposition beyond the pandemic. The acceleration of our customer acquisition dynamics and in the quality of our client base has been confirmed in the last few months. We continue to grow at speed in the UK with the launch of Fineco ISA this year, and now over 20 asset managers 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 European banking."
Fineco continues to drive its UK customer offering and has further expanded its investing platform with the introduction of more than 20 asset managers and the launch of the Fineco ISA in April. Fineco plans continue to build on these successes and intends to roll-out additional features and services during the coming months. The bank will focus on further improving the user experience by building up easy-to-use journeys and maps to help clients choose the best investment solution based on their goals.
About FinecoBank
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.
