FinecoBank continues to drive the next wave of integrated UK banking

By Joy Dumasia

FinecoBank, one of Europe’s FinTech banks, has set a new record for revenue growth in 2021, exceeding last year’s record-breaking growth.

In the first half of the year, Fineco opened more current accounts in the UK than in the whole of 2020 while improving the penetration of active clients on brokerage, representing more than 70% on new current accounts.

Fineco recorded a net profit of € 184.6 million in the six months of the year, Revenues at € 403.5 million led by Investing area thanks to the increase of AuM and Investing net margins. There are further European expansion with plans to launch in Germany by H1 2022

FinecoBank entered the UK market three years ago with a unique offering combining brokerage, banking and investment services. In the first half of the year, revenues from UK business were almost equal to the ones recorded in the whole of 2020.

Paolo Di Grazia, vice general manager of FinecoBank, commented: “An extraordinary operating context in 2020 has led record growth, with today’s results confirming a strong UK proposition beyond the pandemic. The acceleration of our customer acquisition dynamics and in the quality of our client base has been confirmed in the last few months. 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 European banking.”

Recently, IBS Intelligence reported that FinecoBank announced that funds from International Asset Management (IAM) are now available on its investing platform. IAM is one of the oldest independent asset management firms specialising in Hedge Funds and Alternative UCITS investments, with a proven track record of over 30 years.