Q3 results show accelerated momentum
Leading fintech bank breaking both traditional model and challenger approaches to drive next wave of integrated UK banking
LONDON, Nov. 10, 2021 /PRNewswire/ -- FinecoBank, one of Europe's leading fintech banks has continued to set the pace of revenue growth in Q3 2021 – following strong results reported in H1, exceeding last year's record-breaking growth.
In the first nine months of the year, Fineco opened more current accounts in the UK than in the whole 2020, while improving the penetration of active clients on brokerage, representing more than 70% on new current accounts.
- Overall Fineco recorded robust net profit of € 257.2 million in 9M21 (+4,4% y/y)
- Revenues at 596.9 million in 9M21 (+4,1% y/y)
- FinecoBank has a strong and safe capital position: CET1 (Tier 1 Capital) Ratio is 18.37%
- Further European expansion with plans to launch in Germany by next year
Paolo Di Grazia, vice general manager of FinecoBank commented:
"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 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."
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 now has plans to improve its ISA with the introduction of multicurrency options, focusing on value and a personalised approach for customers by ensuring they can select the best investment solutions to align with their goals.
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.