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29.03.2016 07:58:03
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DGAP-News: FinTech Group AG
DGAP-News: FinTech Group AG launches credit business
29.03.2016 / 07:58 The issuer is solely responsible for the content of this announcement.
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- Online brokerage unit flatex launches a credit and new business campaign to mark its 10th anniversary
- "flatex flex-credit" is an innovative loan offering, providing the alternative to expensive overdrafts. It meets personal purchasing needs and offers greater flexibility.
- flatex offers a credit limit of up to EUR 25,000 with guaranteed annual interest of 3.9% and personal flexibility in terms of use and term.
- FinTech Group AG is activating high-level deposits in its banking subsidiary biw AG and anticipates a contribution to profits in 2016.
Frankfurt am Main - The online broker flatex, a unit of FinTech Group AG (WKN 524 960, ISIN: DE0005249601, acronym: FLA.GR), is using "flatex flex-credit" to create an innovative alternative to expensive overdrafts: as of now, the majority of flatex customers are granted a credit limit of up to EUR 25,000. There is guaranteed annual interest of 3.9%. As with overdrafts, the use and term of this loan are totally flexible and entirely up to the customer. The provision of the line of credit is free of charge. flatex customers are thereby being given financial flexibility at favourable conditions, and the process is fast and simple.
FinTech Group AG is therefore activating some of its deposits in its subsidiary bank biw AG to the tune of approximately EUR 1 billion. Among other things, biw AG is using its full banking licence to take over the handling of flatex securities transactions within the Group. The equity of biw AG has recently been almost doubled to around EUR 35 million in order to meet regulatory requirements.
"On flatex's 10th anniversary, we have succeeded in giving our customers new financial freedom in a way that is fast and simple, bypassing the need for a separate loan application. It's that simple. The interest rate is also very competitive. We are providing an alternative to expensive overdrafts," says Frank Niehage, CEO of FinTech Group AG. "We expect that our credit campaign will also stimulate the market, will be very well accepted and will have a positive impact on profits even in 2016. The credit campaign is further evidence of the smart way in which we are bringing together our B2C and B2B businesses after our recent successful overhaul of the CFD business, and after broadening flatex's range of ETFs. We will work with our partner Morgan Stanley to offer structured products under our very own flatex brand name."
The credit limit will be automatically allocated to the majority of flatex customers, free of charge and in a straightforward way, giving customers greater financial freedom. The securities account provides the collateral for the credit limit. flatex customers can therefore benefit from their high credit rating, making flexible use of their financial freedom to make private purchases or additional and interesting portfolio investments. The offer is also of interest to many new customers wishing to transfer their securities to flatex.
"Most of our customers pay their banks very high interest rates for overdrafts when they need short-term financial flexibility. According to Stiftung Warentest [German consumer organisation] (Finanztest 9/2015), double-digit overdraft interest at 16 percent is still commonplace, although the financial institutions at the European Central Bank are currently able to refinance at zero percent," says flatex CEO Niklas Helmreich. "That's why we are now launching our credit campaign."
About FinTech Group AG
FinTech Group AG (WKN: 524 960, ISIN: DE0005249601, Ticker Symbol: FLA:GR) is one of the most significant innovative financial technology companies in Germany. Our brands service a total of 200,000 private clients, and are important technology partners for German and international banks, and financial institutions in the B2B segment. As at the end of June 2015, FinTech Group AG had EUR 5.68 billion in assets under administration group-wide.
FinTech Group AG's goal is to become the leading European provider of innovative financial sector technologies. We are in a transition process so as to make a significant contribution to the digitalization of the financial sector. Our earnings before interest, taxes, depreciation, and amortisation (EBITDA) amounted to EUR 11.8 million in the first half of the year 2015.
Our wholly-owned subsidiary flatex GmbH has been one of the innovation leaders in the German online brokerage market for years. More than 150,000 private clients both in Germany and internationally have chosen flatex' clear and transparent price-performance model.
XCOM AG, in which we hold a majority interest, was founded in 1988 and is a German pioneer in the area of financial technology. Today, XCOM AG is one of the most successful software and technology providers in the financial area.
biw Bank für Investments und Wertpapiere AG, which is also owned by the Group, has a fullservice banking license and is the backbone of our banking services. It also provides services for private clients in the background as the outsourcing partner of other well-known banks (white label banking services). It is one of the most modern online banks in Germany today.
FinTech Group AG is also an important partner for financial companies in the up-and-coming German start-up scene, who benefit from our innovative profile.
Disclaimer: This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions which may be subject to variety of risks and uncertainties. The results actually achieved by FinTech Group AG may substantially differ from these forward-looking statements. FinTech Group assumes no obligation to update these forward-looking statements or to correct them in case of developments which differ from those anticipated.
Contact: Roman Kessler Roman.kessler@fintechgroup.com Head of Communications FinTech Group AG Rotfeder-Ring 5 D-60327 Frankfurt/Main +49 (0) 69 450001 041 Roman.kessler@fintechgroup.com
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29.03.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English Company: FinTech Group AG Rotfeder-Ring 5 60327 Frankfurt am Main Germany Phone: +49 (0) 69 450001 041 E-mail: roman.kessler@fintechgroup.com, ir@fintechgroup.com Internet: www.fintechgroup.com ISIN: DE0005249601, DE0005249601 WKN: 524960 Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart; Open Market (Entry Standard) in Frankfurt End of News DGAP News Service ---------------------------------------------------------------------------
449015 29.03.2016
DGAP-News: FinTech Group AG / Key word(s): Product Launch FinTech Group AG launches credit business
29.03.2016 / 07:58 The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
- Online brokerage unit flatex launches a credit and new business campaign to mark its 10th anniversary
- "flatex flex-credit" is an innovative loan offering, providing the alternative to expensive overdrafts. It meets personal purchasing needs and offers greater flexibility.
- flatex offers a credit limit of up to EUR 25,000 with guaranteed annual interest of 3.9% and personal flexibility in terms of use and term.
- FinTech Group AG is activating high-level deposits in its banking subsidiary biw AG and anticipates a contribution to profits in 2016.
Frankfurt am Main - The online broker flatex, a unit of FinTech Group AG (WKN 524 960, ISIN: DE0005249601, acronym: FLA.GR), is using "flatex flex-credit" to create an innovative alternative to expensive overdrafts: as of now, the majority of flatex customers are granted a credit limit of up to EUR 25,000. There is guaranteed annual interest of 3.9%. As with overdrafts, the use and term of this loan are totally flexible and entirely up to the customer. The provision of the line of credit is free of charge. flatex customers are thereby being given financial flexibility at favourable conditions, and the process is fast and simple.
FinTech Group AG is therefore activating some of its deposits in its subsidiary bank biw AG to the tune of approximately EUR 1 billion. Among other things, biw AG is using its full banking licence to take over the handling of flatex securities transactions within the Group. The equity of biw AG has recently been almost doubled to around EUR 35 million in order to meet regulatory requirements.
"On flatex's 10th anniversary, we have succeeded in giving our customers new financial freedom in a way that is fast and simple, bypassing the need for a separate loan application. It's that simple. The interest rate is also very competitive. We are providing an alternative to expensive overdrafts," says Frank Niehage, CEO of FinTech Group AG. "We expect that our credit campaign will also stimulate the market, will be very well accepted and will have a positive impact on profits even in 2016. The credit campaign is further evidence of the smart way in which we are bringing together our B2C and B2B businesses after our recent successful overhaul of the CFD business, and after broadening flatex's range of ETFs. We will work with our partner Morgan Stanley to offer structured products under our very own flatex brand name."
The credit limit will be automatically allocated to the majority of flatex customers, free of charge and in a straightforward way, giving customers greater financial freedom. The securities account provides the collateral for the credit limit. flatex customers can therefore benefit from their high credit rating, making flexible use of their financial freedom to make private purchases or additional and interesting portfolio investments. The offer is also of interest to many new customers wishing to transfer their securities to flatex.
"Most of our customers pay their banks very high interest rates for overdrafts when they need short-term financial flexibility. According to Stiftung Warentest [German consumer organisation] (Finanztest 9/2015), double-digit overdraft interest at 16 percent is still commonplace, although the financial institutions at the European Central Bank are currently able to refinance at zero percent," says flatex CEO Niklas Helmreich. "That's why we are now launching our credit campaign."
About FinTech Group AG
FinTech Group AG (WKN: 524 960, ISIN: DE0005249601, Ticker Symbol: FLA:GR) is one of the most significant innovative financial technology companies in Germany. Our brands service a total of 200,000 private clients, and are important technology partners for German and international banks, and financial institutions in the B2B segment. As at the end of June 2015, FinTech Group AG had EUR 5.68 billion in assets under administration group-wide.
FinTech Group AG's goal is to become the leading European provider of innovative financial sector technologies. We are in a transition process so as to make a significant contribution to the digitalization of the financial sector. Our earnings before interest, taxes, depreciation, and amortisation (EBITDA) amounted to EUR 11.8 million in the first half of the year 2015.
Our wholly-owned subsidiary flatex GmbH has been one of the innovation leaders in the German online brokerage market for years. More than 150,000 private clients both in Germany and internationally have chosen flatex' clear and transparent price-performance model.
XCOM AG, in which we hold a majority interest, was founded in 1988 and is a German pioneer in the area of financial technology. Today, XCOM AG is one of the most successful software and technology providers in the financial area.
biw Bank für Investments und Wertpapiere AG, which is also owned by the Group, has a fullservice banking license and is the backbone of our banking services. It also provides services for private clients in the background as the outsourcing partner of other well-known banks (white label banking services). It is one of the most modern online banks in Germany today.
FinTech Group AG is also an important partner for financial companies in the up-and-coming German start-up scene, who benefit from our innovative profile.
Disclaimer: This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions which may be subject to variety of risks and uncertainties. The results actually achieved by FinTech Group AG may substantially differ from these forward-looking statements. FinTech Group assumes no obligation to update these forward-looking statements or to correct them in case of developments which differ from those anticipated.
Contact: Roman Kessler Roman.kessler@fintechgroup.com Head of Communications FinTech Group AG Rotfeder-Ring 5 D-60327 Frankfurt/Main +49 (0) 69 450001 041 Roman.kessler@fintechgroup.com
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29.03.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English Company: FinTech Group AG Rotfeder-Ring 5 60327 Frankfurt am Main Germany Phone: +49 (0) 69 450001 041 E-mail: roman.kessler@fintechgroup.com, ir@fintechgroup.com Internet: www.fintechgroup.com ISIN: DE0005249601, DE0005249601 WKN: 524960 Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart; Open Market (Entry Standard) in Frankfurt End of News DGAP News Service ---------------------------------------------------------------------------
449015 29.03.2016
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