Marko Sjoblom, a visionary tech innovator, is on a mission to raise substantial funds for Fiinu, his pioneering digital banking venture.
With a focus on financial inclusion, Fiinu seeks to leverage advanced technology to disrupt the banking landscape and address long-standing market challenges.
Marko Sjoblom’s Vision for Fiinu
Marko Sjoblom, a seasoned tech entrepreneur, is spearheading an initiative to raise £500,000 for his avant-garde digital banking project, Fiinu. This app-only bank aims to harness technology to revolutionise the traditional banking sector and address its pressing challenges. By offering tailored financial services and products, it seeks to include those often neglected by existing financial institutions.
Innovating with Automated Lending
At the heart of Fiinu’s innovation is the world’s first fully automated lending robot, a creation that sets Fiinu apart from its competitors. This technology leverages data from PSD2 and Open Banking, enabling the provision of small overdrafts within the payday loan price cap to millions. Sjoblom emphasises that this tool allows Fiinu to undercut the market by a remarkable 85% while maintaining profitability.
The introduction of the FiinuScore is another key element in their strategy. This innovative scoring system evaluates creditworthiness through advanced algorithms, enhancing Fiinu’s capacity to offer competitive rates. It’s designed to ensure that consumers are the primary beneficiaries of this disruptive innovation.
The Journey to a Banking Licence
Fiinu’s path to obtaining a banking licence from the Bank of England is underway, though it has not yet been secured. The ongoing £500,000 equity crowdfunding campaign on Seedrs is not only a testament to Fiinu’s potential but also a crucial step towards its anticipated launch in early 2019.
The crowdfunding proceeds are intended to serve as working capital, sustaining operations as Fiinu navigates the regulatory landscape. Sjoblom’s long-term vision is to evolve Fiinu from its start-up phase into a fully licensed digital bank, solidifying its place in the financial sector.
Addressing Financial Exclusion
In the UK, half of the population struggles to access affordable short-term bank credit, resulting in £1.2 billion paid annually in unarranged overdraft fees. Fiinu’s mission is to mitigate these challenges through technological solutions.
Sjoblom’s inspiration for Fiinu was rooted in this stark reality. He recognised the gaps in the financial services market and set out to construct a solution that could effectively address these unmet needs.
A Decade-Long Dream Realised
The concept of establishing a bank is not new to Sjoblom. His journey began nearly a decade ago with the vision of transforming MyJar, his previous venture, into a bank. This relentless pursuit has culminated in the formation of Fiinu.
Through unwavering dedication and innovative thinking, Sjoblom has brought his long-standing aspiration to fruition. Fiinu stands as a testament to his commitment to pioneering change within the financial landscape.
This endeavour signifies more than just business success; it embodies the realisation of a dream to provide equitable financial opportunities for all.
The Future of Banking with Fiinu
Fiinu’s goal is ambitious: to function seamlessly as a ‘smartphone as a bank’, redefining how we engage with financial services. By addressing failures within the traditional financial services market, it aims to redefine industry norms.
The company’s strategic use of cutting-edge technology and data-driven insights positions it to lead the charge in this transformative era.
Ultimately, Fiinu’s success hinges on its ability to secure a banking licence and effectively implement its groundbreaking technologies to benefit consumers.
Conclusion
Fiinu is poised to revolutionise the banking sector with its innovative approach and cutting-edge technology. By addressing significant market gaps, it promises to reshape the future of financial services, benefiting consumers and setting new standards in the industry.
Fiinu stands ready to redefine banking with its innovative solutions, aspiring to enhance accessibility and affordability within the financial sector.
Its success could herald a new era of banking, where technology bridges the gap for underserved communities, aligning with Sjoblom’s ambitious vision.