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Successfully funded
overfunded
Fea
  • Equity
102%
Raised
£101,650
Investors
240
Target
£100,000
Equity
6.38%
Pre-money valuation
£1,499,000

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.

  • Team is ex AmEx, CapitalOne, LendingClub and Trussle
  • Chairman previously ran Nationwide's UK credit card division
  • The company aims to disrupt a growing £7bn market 

Idea

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.

Company history

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.

Business model

We aim to generate income by charging a fixed fee from consumers which is £2 in fee for every £100 that you borrow.

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Risk warning

Investments of this nature carry risks to your capital, including illiquidity, lack of dividends and dilution. Balance risk with a diversified portfolio. Read more. Approved as a financial promotion by Crowdcube Capital Limited, which is authorised and regulated by the Financial Conduct Authority.

Investment opportunities are not offers to the public and investors must be eligible Crowdcube members. Further restrictions and Crowdcube's limitation of liability are set out in the Investor Terms and Conditions. Please seek independent advice as required as Crowdcube does not give investment or tax advice.