Fairmoney®, a company which is set to revolutionize the UK Loans Comparison sector, has announced a raft of positive news which, it expects, will very soon contribute to a significant increase in the value of its shares.
Firstly, Fairmoney® will be adding a number of prestigious new lenders to its customer offering in the next few weeks. Its panel has already been described by one of the country’s largest FinTech PLCs as the finest lenders’ panel of any price comparison website, including the majors. The lenders being added to the panel include M&S Bank, Sainsburys Bank, Tesco Bank, HSBC, Nat West, RBS, The Post Office and AA Personal Loans.
With an increase from 44 to almost 60 lenders, Fairmoney® can now boast the largest, fairest and most balanced panel of lenders in the UK for anyone seeking to take out a loan, whatever their credit situation. These familiar, prestigious brands will give customers the best and fairest choice from names they can trust and who, they know, work very hard to compete to offer the best, most relevant loan products.
Next, Fairmoney® has recently launched an enhanced digital marketing strategy which was many months in the making and incorporates some uniquely creative solutions. A sophisticated test and tracking matrix has been set up over the last six weeks to monitor how the new strategy performs against previous experience, competitors and the industry in general. First signs are encouraging, with volumes up by 100s of %age points in the first week of July compared with June.
Thirdly, Fairmoney® is working on developments in Open Banking, which basically take permissions from customers to view financial accounts and then recommends the best possible solutions (based on how much money is in their bank account, what they need, what type of mortgage they have etc.). The idea is to use Machine Learning techniques to proactively suggest loans and other financial services products to customers which best fit their needs. This is widely seen as the next big thing in Price Comparison Websites and Fairmoney® is way ahead of the curve.
Next up, news wise, a UK government-funded organisation is looking at providing Fairmoney® with £200-£300k of government equity capital funding and serious discussions are on-going and being handled for Fairmoney® by Shadow Foundr.
In summary then, Fairmoney® expects that, taken together, these developments will likely significantly enhance the value of the company in the near term and is therefore urging investors to invest now, at the current share price of £2,000, to secure a holding in a company that is going places.
Furthermore, as it strives to innovate and disrupt where customers are not being treated fairly – and to build its voice and reach – Fairmoney® has launched an Advisory Committee Board (ACB) to allow active stakeholders to join the debate and promote their own disruptive ideas to bring greater fairness to the consumer finance industry – and ultimately to the selection of all products and services.
Fairmoney® is a “new generation”, multi-dimensional loans comparison website, designed to provide fair and bespoke consumer loan products for its customers. Already established with a large customer base and fully operational, Fairmoney® intends to disrupt a very profitable but unfair, bloated and complacent price comparison website (PCW) industry with breakthrough technology, design and transparency.
Fairmoney® is seeking to raise £600k in this round, which equates to 30% of the business. The campaign is being undertaken to fuel ambitious growth plans aimed at quickly becoming the USwitch of the loans industry in the UK. To date, £150k has been raised in the early pre-funding phase and the first weeks of the actual raise.
Technology lies at the heart of what it does. Unlike other Price Comparison Websites (PCWs), Fairmoney® is looking to deploy Machine Intelligence to recommend totally unique, up-to-the-minute, highly personalised products to customers in an unbiased way.
The market for PCWs is very significant in the UK. The business model has shown strong profitability for over a decade, with margins of between 19-65%. The big brands are well known through extensive television marketing campaigns but trust in PCWs is waning. Consumers feel they are being gamed and lenders are often squeezed or skewed due to bias. As a result, regulators and the press have become increasingly critical of unfair practices across the industry.
Fairmoney® is led by a market-leading team with proven track records and senior level experience at JP Morgan Chase, lastminute.com, Moonpig/Photobox, GoCompare, BBC, KPMG and Grant Thornton.
Fairmoney® foresees a trade sale to one of the larger PCWs as the most likely exit within three years, but an acquisition by a private equity or financial services group is possible, as is an IPO.
To view the Fairmoney® investment offering and all documentation please click here.