Fea is a mobile-first, fixed fee credit card built by a team that comes from AmEx, LendingClub, CapitalOne and Trussle, aiming to launch in 2019.
Fea is a credit card which you control entirely through a mobile app (initially iOS app), which we aim to launch in 2019.
The money we are raising will be used to build the app, hire part of the launch team and apply to the FCA for authorisation. We aim to launch prepaid card first, in April 2019, and follow up with credit card in September/October 2019, subject to FCA approval.
Size and growth of market
Credit cards represent a large and profitable business in the UK; we estimate £7bn in annual revenues, and growing - last year credit card balances grew by 9%+.
At present, almost all incumbents are banks, and the largest players - BarclayCard and Lloyds - together account for 50%+ market share.
We are coming in as a technology-first player, targeted at millennials, with a proposition around simpler pricing, better borrowing controls, user experience, and higher availability.
The company's mission is to make borrowing a better experience. The genesis of the idea comes from our founder (Faisal's) personal experiences, with $130k of student and credit card debt. The team came together over the summer of 2018.
We aim to generate income by charging a fixed fee from consumers which is £2 in fee for every £100 that you borrow.