Financing the future fairly with
Plugin Overdraft®
Fiinu's subsidiary is currently planning to apply for a UK banking licence from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
At one point in their life, everyone
needs access to credit.
Like Margot...
She’s a working mum with a son, age 4
Recently married
She’s just started paying nursery fees for her son
Her son also plays football at the local club and has a range of other hobbies
A few times a year she’s maxed out at the end of the month and needs to go into her overdraft
There are 32M people like Margot, 62% of the population, who use an overdraft annually, in the UK alone.
16.5M
used an unarranged overdraft in 2019, but all have lost access to it.
£10B
is the size of the immediate
funding gap due to loss of access.
"You can only make payments if you have enough money available."
"We won’t let you go over to an unarranged overdraft."
"If you don’t have enough money, we refuse to make the payment."
"We are removing the unarranged overdraft."
Consumers are increasingly forced to use alternatives that can damage their credit scores.
The use of these alternatives results, on average, in a 10% drop in credit scores and can leave a negative mark in the credit file for up to 7 years, resulting in a 65% probability of new mortgage applications being declined.
Our research shows that a large number of consumers find card rejection embarrassing and very stressful.
Consumer makes a purchase.
They have insufficient funds and can’t pay without some form of credit.
Cashier (or online retailer) offers POS credit.
The transaction is accepted by using retailer specific non-agnostic credit products.
Purchase is completed, but the consumer is unaware of the mark in their credit file.
Our research* shows this is a vast and receptive market, searching for a solution.
*Fiinu commissioned Populus Survey (2019), 95% Statistical Significance, 2% margin of error, Nationally representative: Geographically, Gender, Profession, Income, etc.
Introducing the Fiinu Plugin Overdraft®
We intend to offer an unbundled overdraft solution, without having to switch banks, that helps to build credit credentials rather than erode it.
Fiinu Plugin Overdraft® is bank and retailer agnostic and helps to avoid rejection stress and embarrassment. It plugs in seamlessly through Open Banking to the customer's main bank account. The customer continues to use their main account as before. For further details visit fiinu.com
