Fiinu, the bank founded by successful tech entrepreneur Marko Sjoblom, will launch its pre-ICO on 9th October 2017 for one month before the full ICO launch on 10th November 2017. The Fiinu ICO will be one of the most credible, safest and secure ways for investors to have exposure to digital currency technology.
Commenting ahead of the pre-sale, Fiinu Founder and CEO Marko Sjoblom said:
“This is an exciting opportunity, not just for Fiinu and its investors, but for the wider banking industry. Upon receiving our banking licence, Fiinu will become the first UK Blockchain-friendly bank approved by the Bank of England. Upon launch, Fiinu has a number of exciting products and services which will help those who have been ignored by their banks for too long. This includes lending against an individual’s crypto-based assets, as well as the world’s first Bank Independent Overdraft. We have one simple aim, making your money work for you. Investors in our ICO will become part of Fiinu’s story that sees the power of technology used to tackle failures in the market and provide better banking services to all customers.”
Fiinu will become a bank utilising new technologies to provide better banking services for those who are currently under-served. Users of crypto-currency will benefit from a single account for both sterling and crypto-currency use, and will be able to drawdown crypto-currencies into sterling (and other currencies) for a fraction of the current market rate. Additionally, customers currently being under-served by the incumbent bank’s archaic credit rating system will finally be able to access services designed to lower the cost of banking and improve the quality of financial products.
The company is undertaking positive discussions with regulators whilst applying for a full UK banking licence. Fiinu will become a bank utilising new technologies to provide better banking services for those who are currently underserved. Whenever Fiinu sees a service failure in the banking market, it will look to solve it through the innovative technology.
Andy Briscoe, Chairman of Fiinu commented:
“UK banking is going through a period of rapid transformation and I am excited to see that new entrants like Fiinu want to use technology to help those people who feel excluded from the benefits of financial services. However, a key part of this banking revolution is ensuring that the customers are protected when using such products. Fiinu, thanks to the leadership team’s advanced understanding of these new technologies, will be able to fill gaps in the market of current banking services, while ultimately ensuring that customers clearly know how its products work and ultimately helping them manage their money better”.
Upon receiving its banking licence (scheduled for the end of 2018) and becoming profitable, investors will receive highly competitive returns on their investments, compared to investing in the shares of incumbent banks. In addition, Fiinu Coin (FNU) will offer a number of highly beneficial privileges:
- 33% of retained profit will be distributed to FNU holders every year;
- FNU can be borrowed against. Once authorised, Fiinu will grant credit in sterling, for up to 75% LTV against FNU, starting with UK-residents;
- Services will include innovative smart credit products and budgeting tools.
Fiinu will use up to 10% of the raised funds as working capital, while the remaining invested funds will be protected in an escrow arrangement until Fiinu receives its banking licence. If the banking licence application is unsuccessful, all Ether (ETH) in escrow will be returned to investors, with a minimum 90% money-back guarantee.
A registered UK company, with corporate governance and transparency at the heart of its operations, Fiinu builds upon the legacy of its experienced leadership team in running successful UK financial services companies. The company has also received independent legal advice to oversee its business plan and structure, and is in constant dialogue with UK regulators as it progresses through the banking licence process.
- The Difference Between Bitcoin and Electronic Money - 29 May 2020
- Ren Launches Mainnet Promising DeFi Interoperability and Potentially Unleashing Billions of Dollars in Crypto Assets into the Ethereum Ecosystem - 27 May 2020
- Apple and Google Release Contract Tracing API for Coronavirus - 21 May 2020