MUNICH, August 19, 2016 /PRNewswire/ --
- Smart, flexible loans for tuition fees and cost of living
- Wirecard acts as a partner bank for Future Finance
Wirecard and Future Finance, an Ireland-based financial technology company, today announce the launch of a new student financing model to the German market. Under the Future Finance brand the company provides loans of between 1,000 and 40,000 Euros to undergraduate and postgraduate students for help with tuition fees and living expenses. Wirecard Bank, as a full subsidiary of Wirecard AG, has partnered with Future Finance to provide the business with its banking license in Germany and to assume the account management.
Future Finance was started to close the gap between state funding and the everyday financial needs of students throughout Europe in a way that is fair, flexible and transparent. The company is now in its third year of operations in the UK where it has more than 4,000 customers from over 150 universities, and has loaned in excess of £30 million. Germany is Europe's largest education market, with a vast array of great educational institutions. With this market entry, 2.9 million more European university students now have access to Future Finance's unique loan model.
"We are very proud to expand the successful Future Finance brand together with Wirecard into Germany," said Brian Norton, founder and CEO of Future Finance. "We're excited to help students in Germany afford the education they deserve and to support them financially as they strive to achieve their career goals and life ambitions. In Wirecard we have found a reliable partner, one that understands the requirements and demands of a fast-moving, customer-focused fintech business. Our ambition is to jointly revolutionize the market for student loans in Germany."
Students benefit from flexible repayment features, such as lower, capped repayments during study - which also helps them chip away at their loan from day one and build a credit history. They also receive competitive interest rates and a loan repayment plan tailored to their future earning potential.
"We are pleased about the collaboration with Future Finance for the launch in Germany," said Alexander von Knoop, Executive Board Member at Wirecard Bank. "As an internet technology company with its own bank, we are proud to offer innovative solution and banking services to companies like Future Finance that have cutting-edge solutions and are paving the way towards the future of financial services in Europe."
Wirecard AG is a global technology group that supports companies in accepting electronic payments from all sales channels. As a leading independent supplier, the Wirecard Group offers outsourcing and white label solutions for electronic payments. A global platform bundles international payment acceptances and methods with supplementary fraud prevention solutions. With regard to issuing own payment instruments in the form of cards or mobile payment solutions, the Wirecard Group provides companies with an end-to-end infrastructure, including the requisite licences for card and account products. Wirecard AG is listed on the Frankfurt Securities Exchange (TecDAX, ISIN DE0007472060, WDI). For further information about Wirecard, please visit http://www.wirecard.com or follow us on twitter @wirecard.
About Future Finance:
Future Finance, Europe's biggest private student lender, provides competitive tailored loans to students in the UK and Germany whose government loans and bursaries are not enough to cover the cost of higher education. Future Finance is facilitating access to education through its proprietary lending platform, which factors granular data on continuation, employability and earnings into its lending decisions, enabling it to lend to students who in many cases would not be able to obtain loans from banks.
Future Finance provides loans of 1,000 to 40,000 Euro to undergraduates and postgraduates to help them pay for tuition costs and living expenses. Loan repayment periods are up to ten years after graduation although borrowers can settle early at any time, with no early repayment charges, and thereby reduce the amount of interest that they pay overall. Loans include up to four payment holidays of three months, which provide students with flexibility as they establish their careers.
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SOURCE Wirecard AG