Fintern July Update
A message from our founders

Finterners and Friends,

We are continuing on our journey to deliver a radically different approach to consumer lending, and we are on track to start lending towards the end of this year.

We have been working hard through the lock-down period. Since our last update, we have passed many key milestones: the Fintern App v1.0 is ready for user testing, we have reached the next stage of the regulatory authorisation process, our Open Banking engine is fully working, and our full-time team has grown substantially to over 10 people.

One thing that we've learned from Covid-19 is that Fintern is needed now more than ever. While household finances are getting ever more stretched, traditional lenders have significantly reduced lending to new customers. In this environment, we remain determined to deliver on our mission to expand access to low cost loans.

We still have a lot of work to do between now and starting to lend. We will need your help as we test and refine our lending App over the coming months. We will be reaching out to those of you who have signed up as beta-Testers to schedule testing and feedback sessions.

As our team grows, we are starting to put profiles on our website. So far we have added introductions of some of the key members of our executive team. More are coming, and we will update this regularly.

We've also added a Frequently Asked Questions (FAQ) page to the website, addressing the major questions we have received so far.

We continue to be committed to helping consumers build better financial lives, making affordable loans widely available, and giving consumers the tools and insights to make better financial decisions. Thank you for your continuing interest, support and patience as we work to make this vision a reality.

Yours faithfully,

Gerald and Michelle
Fintern co-founders
Fintern Launch Date Update
The question we get asked most frequently is: when will you start lending?

The Fintern team is committed to launching as soon as possible. We have been working at full-speed throughout the lock-down period. It is complex and takes time to build an innovative new solution like this.

Our latest assessment is that we are on track to launch toward the end of 2020. The exact launch date has two key dependencies:

1. As a consumer lender, Fintern needs to be authorised and regulated by the Financial Conduct Authority (FCA) before we can start lending. We have applied to the FCA for authorisation and the application is in progress.

2. Meanwhile we are getting ready to launch our exciting and innovative product. Our systems are now ready, but we need to test and refine our platform with users to ensure it is simple to use and that the insights we present to customers are clear, intuitive and accurate. You can sign-up to help us test.

We appreciate your ongoing patience, and look forward to being able to serve you soon.
Fintern Team
Our distinctive team continues to grow, with over 10 full-time colleagues now on-board.

We have a shared passion to help consumers build better financial lives, and the deep expertise in financial services, technology and analytics to bring the Fintern vision to life. Our team has joined from diverse organisations such as McKinsey & Company, EY, HSBC, BAML, the Bank of England and XiaoMi.

Check out a selection of our team profiles here.
Fintern App v1.0
Our Fintern App v1.0 is ready for user testing.

There are lots of innovative features that we are excited to test. As an example, a unique feature of how Fintern makes loan decisions is that we focus on a detailed assessment of your affordability, informed by Open Banking data. Rather than taking the traditional approach of asking you to set a loan term (e.g. 3 years), and then telling you the corresponding monthly payment, Fintern starts from the monthly payment and derives the term.

This works by presenting you with an affordable payment range, where:
  • the upper bound is set by your maximum affordable monthly payment amount
  • the lower bound is set by the minimum monthly payment amount for the loan you have requested
You can then explore where you would like to set your monthly repayment level within that range. As you test different repayment levels, the Fintern App calculates the impact on loan term and total cost of borrowing, showing you potential savings versus making the minimum payment.

We set the maximum affordable monthly payment based on our analysis of your historical bank account transactions. This factors in your income, core expenses and financial commitments. We show you how this analysis has been performed, and you can challenge the calculations if you think we've got it wrong.

We will send out invitations to registered testers for user testing in the coming weeks. We are looking forward to your feedback!
Affordable loans based on you
We're excited to announce that Fintern is now live and accepting loan applications!

As a quick refresher, while we don't require a long credit history to apply for a loan, we do need you to:

- Be at least 18
- Live in the UK
- Have at least one UK bank account
- Have no unresolved defaults or CCJs

To apply for a Fintern loan, simply download the Fintern App using the relevant link below*.
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Fintern LTD is registered in England & Wales No. 12472034
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Registered Office: Fintern, 3rd Floor, 86-90 Paul Street,London EC2A 4NE, United Kingdom