After years of reorganization of the Group and its focused reorientation, FinTech Group AG is to bear flatex. Its key earnings and growth driver, in the company name. Together with the Supervisory Board, the Management has decided to rename FinTech Group Bank AG into flatex Bank AG and to propose the renaming of the parent company FinTech Group AG to flatex AG at the next Annual General Meeting in the summer of 2019.
Irrespective of the name change, the profitable B2B business will continue unrestricted. However, the focus on the high margin B2C business should in future be focused in particular on the European market.
Expansion strategy of flatex goes to Europe. The significantly higher brand awareness of flatex compared to fintech facilitates both the marketing for the acquisition of new retail customers and investors and the market entry into new countries.
Fintech is a trend that requires explanation and there is no legal definition for it. And over the last five years the hype surrounding fintech has helped the company. But this hype is now ebbing away and the group is often associated with the negative issues. Likelihood of confusion and perception as a startup company without a track record, which burns money and certainly can not be profitable, are completely inaccurate associations with regard to the most successful FinTech Group AG of all time. Frank Niehage, CEO of FinTech Group AG explained this.
The highly scalable online brokerage platform flatex represents the operative and highly profitable B2C business of the group with more than 75% revenue contribution. Now flatex is the strong and well known brand. It is also the nucleus of the 12 year success story with a leading market share of around 50% in Austria and a market share of over 20% in Germany. Preparations for entering the Netherlands in the second quarter are currently in full swing.
FinTech Group Bank AG will now become flatex Bank AG in the first step. And we are pleased that our focused growth strategy will be reflected in the name of our bank in the summer of this year. And we will propose to the AG the name change of the listed FinTech Group AG in flatex AG. Muhamad Chahrour, CFO of the FinTech Group AG commented about this.
About FinTech Group AG
FinTech Group AG, now operates flatex is one of the leading and fastest growing online brokerage platforms in Europe. Advanced, in-house, state of the art technology provides cost effective, top of the line service to more than 280,000 B2C customers. And also ensures the smooth handling of approximately 12 million paperless customer transactions each year.
The standard platform for private and specialist banks with the self-developed core banking system, which is one of the most modern and modular systems on the market. It helps the numerous B2B customers including government infrastructure as well as established financial service providers and disruptive business ideas as white label Banking for quick success. In a period of bank consolidation, low interest rates and digitization, the FinTech Group is ideally positioned for further growth and well on its way to becoming Europe’s leading provider of financial technology.