FinecoBank announces record breaking profits and UK growth

Diversified business model continues momentum with record breaking profits and UK growth

LONDON, May 13, 2021 /PRNewswire/ -- FinecoBank, one of Europe's leading fintech banks, reported record volumes from its UK client base this quarter. Fineco's current accounts increased by around 50% in April 2021 compared to the end of 2020.

The bank's strategy to attract quality customers has translated successfully in the UK, as strong customer retention and loyalty has helped to drive the bank's continued growth. Fineco's targeting of  experienced traders looking for a quality has boosted the bank's retention rate, and now more than 70% of Fineco's clients hold active current accounts on brokerage.

 Highlights:

• Fineco recorded net profit of €94.7 million for Q1 (+2.7% y/y) and gross operating profit of €144.5 million (+7.2% YoY)
• Record breaking UK growth with new UK current accounts in the first four months of 2021 – surpassing annual 2020 total
• UK growth momentum follows successful ISA launch in April
• UK investing platform continues to expand with the introduction of funds from NinetyOne, Invesco, Candriam and AXA announced this year

FinecoBank entered the UK market three years ago with a unique offering combining brokerage, banking and investment services.

Paolo Di Grazia, Vice General Manager of FinecoBank commented: "Fineco entered the UK market as we saw the need for a provider that could offer a number of financial services through a single digital platform. Our accelerating growth shows that our one stop solution works, and more and more Britons are finding the effectiveness of our approach. Our promise is to continue to build on our platform. With the recent addition of the Fineco ISA and more investment options, we're able to provide our growing number of customers a stronger integrated offering."

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. Fineco is a leading bank in brokerage in Europe, and one of the most important players in Private Banking in Italy, offering advanced and tailor-made advisory services. Since 2017, FinecoBank has also been in the UK with an offer focused on brokerage, banking and investment services. Fineco Asset Management was founded in Dublin in 2018, with a mission to develop investment solutions in partnership with top international asset managers.