FinecoBank enjoys strong H1 2020 in UK

FinecoBank is set to focus on expanding its investing platform, with new investment houses and a new ISA and SIPs planned for 2021

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FinecoBank enjoys strong H1 2020 in UK

European fintech FinecoBank registered strong activity from its UK client base across its brokerage, investing and banking business during the first half of this year.

FinecoBank, present in the UK market since 2017, saw active clients increase by 56% over the previous year. The fintech attracted three-times the number of new current accounts than it did in the previous quarter.

FinecoBank is set to focus on expanding its investing platform, with new investment houses and a new ISA and SIPs planned for 2021. Its goal is to offer UK customers access to more than 70 asset managers with more than 7,000 products within the next year.

Commenting on the H1 results, Paolo Di Grazia, vice general manager of FinecoBank, said: “Our UK business has gone from strength to strength this year. We continue to see strong client acquisition as well as significant increase in the number of active clients thanks to our one-stop-solution model combining banking, brokerage and investing offering in one single account.”

“Our competitive Multicurrency offering has proven to be a powerful entry gate, with a very high percentage of active clients interested in our listed products offer, best-in-class in terms of pricing, quality and wide choice.”

Di Grazia continued: “Despite a volatile market, we continue to see activity grow and the UK remains an important market for us to be. The UK has strong players, but it’s ripe for the next wave of a digital shake-up. As a leading European digital bank, our ability to deliver brokerage, banking and investment services in one place is unique in the UK market.”

“We plan to continue to drive our UK strategy by combining our comprehensive offering with compelling pricing, a professional-standard trading platform and free real time prices.”

In the first half of 2020, FinecoBank recorded increased profitability of 30% to €181 million. Brokerage revenues rose to €127.9 million.