FinecoBank Continues UK Growth Surge as Volatile Markets Drive Active Investors to Trade More
- Investment , Banking
- 12.11.2020 12:23 pm
FinecoBank, one of Europe’s leading fintech banks, reported record volumes from its UK client base this quarter, following a successful H1 this year. Fineco’s active current accounts increased 55% from March to September 2020 compared to the same period in 2019, while active current accounts on trading more than tripling on a yearly basis.
· Overall Fineco recorded robust net profit of € 246 million in the first nine months of the year (+23% y/y).
· All product areas reported revenue increases: Investing (+6% y/y), Banking (+3% y/y) and a strong growth of brokerage (€ 178 million, +84% y/y).
· FinecoBank has a strong and safe capital position: Cet1 (Tier 1 Capital) Ratio is 23.28%.
FinecoBank entered the UK market three years ago with a unique offering combining brokerage, banking and investment services. In the last quarter FinecoBank saw 17% total UK growth. .
Paolo Di Grazia, Vice General Manager of FinecoBank, commented: “Today’s results validate some key assumptions we made about today’s customer when we decided to enter the United Kingdom: people want an integrated provider that offer many services through one streamlined portal, and that the primary way those services will be delivered will be digitally. The current climate confirmed and accelerated these trends, and we fully expect this to be the default model in the near future. We will remaining focused on developing and growing our base of quality clients who use Fineco who frequently use the company’s services.”
Fineco continues to drive its UK customer offering and against a turbulent market backdrop and has developed a successful webinar and education training programme this year. Each webinar provides advanced traders the chance to develop their knowledge, including a live analysis of markets and review of open trades and is followed by a short trading clinic.
Fineco has also expanded its investment funds available to UK customers this year, clients can now access a wide variety of investment strategies, including with JP Morgan, Capital Group, Fidelity Investments, Aberdeen Investments, M&G Investments, Algebris and Columbia Threadneedle Investments.
Fineco plans to continue to expand its offering for UK customers and intends to roll-out additional features and services during the next months, enlarging its fund offering, with ISAs and saving products in 2021.