#PFM / UK challenger Finndon lands e-money licence

The start-up, which plans to launch in 2021, intends to offer current accounts armed with a range of “smart budgeting tools” aimed at turning spenders into savers.

Finndon claims to have “stripped back the financial jargon” so “the everyday person can understand” how its products work.

[CEO:] “Banks frequently bamboozle customers and hide behind complex financial jargon leaving many of the population disadvantaged in their financial decisions.. We are not educated in school about how to manage our personal credit ratings or the effects of inflation.”

Alongside its savings-focused current account, Finndon’s free offering will also include peer-to-peer (P2P) payments and free transactions abroad.

The fintech also cites a premium account, which will offer users discounts for restaurants, beauty treatments and social venues.