Single app will help customers spend, budget, save and invest
New fintech Finndon has pledged to open the door to easy-to-understand saving and investing for a younger generation that has been failed by schools and traditional financial institutions, leaving them facing an uncertain financial future.
“We created Finndon to level the playing field for Millennials and Generation Z when it comes to managing your finances,” says co-founder Aaron Archer. “We believe age should never be a disadvantage when it comes to managing your money and feeling financially secure.”
The financial challenger’s mission is to help 18 to 39 year olds go from ‘spender’ to ‘saver’ status and, eventually, put them on the path to becoming investors in three clear steps: it plans to help customers take control of their money, bust bad money habits, and improve their relationship with their finances.
Alongside its core products – free and paid-for current accounts, seamless peer-to-peer payments, free money transactions abroad and low-cost money transfers between countries – Finndon’s sleek, easy-to-use mobile app offers customers budgeting features and smart ways to save. These educational features are completely jargon-free and designed to help accountholders track their spending and learn how to make their money go further.
Premium accountholders get added perks – including discounts on restaurants, beauty treatments and social venues – to help them save money whilst doing the things they love doing.
Kriya Patel, CEO at Finndon’s card issuer, Transact Payments Limited, says: “It’s great to be partnering with Finndon, who place importance on financial education, aligning well with TPL as education and understanding the benefits through our services is at the heart of our offering too.
“Our aim is to help Finndon understand how all the dots in the payments process are connected and work with them to offer a seamless payment service to Finndon cardholders, so that they can focus on improving their customers’ financial awareness and wellness.”
Research suggests Finndon’s mission to put the financial education, security and wellness of its customers at the heart of its offering is long overdue.
Research from The Wisdom Council, the financial services consumer engagement specialists, suggests Millennials’ trust in the financial system has been badly dented by the fall out of the 2008 credit crunch, leading them to disengage with their financial futures. One in four do not have a pension, while 10% don’t know whether they have one at all. “Millennials have grown up in the face of a financial crisis and now their job security and earning potential has been hit by the global Covid-19 pandemic. It’s no wonder that they are disillusioned with the financial system,” says Finndon’s Aaron Archer.
Tackling that disillusionment is not helped by the ineffective financial education young people are receiving in schools. The most recent Young Person’s Money Index report from the London Institute of Finance and Banking reveals that nearly three-quarters of 15 to 18 year olds in the UK say they get most of their financial understanding from parents and other family members. Just 8% say they learnt most about money skills in school.
Financial services and education provision tend not to get any better for young people once they join the workforce. Research from pensions provider Royal London and the International Longevity Centre suggests people who receive financial advice are more than £47,000 better off a decade later than those who don’t. But Millennials and Generation Z, who need that advice more than ever, are all too often locked out of the advice sector by financial jargon, high fees and minimum wealth requirements.
Finndon is gearing up for an official launch in 2021, after receiving its e-money agent licence from UK regulator, the Financial Conduct Authority. It has already invested £2m in its back-office infrastructure and future customers have started signing up to the waiting list for a Finndon Premier or Premium payment card. To find out how you can sign up, visit www.finndon.com
ABOUT FINNDON Finndon was founded with the belief that financial freedom should be accessible to all. Finndon provides a secure and safe banking experience with simplified financial jargon and uncomplicated financial products allowing everyone to have a seat at the table when it comes to customers pursuing their financial freedom.