New banking challenger W1tty secures UK licence
Despite concerns the neo banking space is overcrowded, a number of new challengers are launching into the UK market.
W1tty, a new fintech app, has secured an electronic money institution (EMI) licence from the UK’s Financial Conduct Authority (FCA), ahead of a launch in 2022.
The company, which plans to be fully regulated with a banking license eventually is building an app to offer a full suite of financial services via a paid-for plan.
It currently has an EMI licence in Lithuania, and passporting rights across the European Economic Area (EEA) as well as having applied for an EU consumer credit licence.
It will launch its suite of products, initially targeting students and other younger people - Generation Z - in Lithuania and Poland this Autumn with other EEA countries to follow.
W1tty secured the EMI licence in the UK a year after it made its first application, and six months after it was granted its licence in Lithuania.
Gene Lockhart, the former CEO of Mastercard International and Midland Bank, as well as an early investor in Nubank, Lord Chadlington as well as Lord Hill of Oareford, the former EU commissioner for financial services and Chancellor of the Dutchy of Lancaster have all recently joined the company’s advisory board.
W1tty is founded by Ammar Kutait, a former oil trader.
“Our aim at W1TTY is to put customers in control of their finances through a customisable suite of attractive products and services available on the App with transparent and flexible pricing,” he said.