Ferratum is partnering with Thomas Cook Money, the newly launched financial services division of Thomas Cook Group plc, to introduce its first Banking-as-a-Service (“BaaS”) venture.
Ferratum will provide Thomas Cook Money with a fully functional and regulated mobile consumer finance offering powered by Ferratum’s highly successful and innovative mobile banking platform. Customers will experience the world’s first mobile banking app designed for holidays through the newly established Thomas Cook Money brand “Sumo”.
In the first wave of Sumo, available initially in Sweden, customers can quickly and easily set up a fee-free multi-currency account that comes with an intelligent contactless debit card. This can automatically identify the local currency, thus enabling them to pay at point of sale at home and overseas without incurring transaction charges and withdraw cash without incurring additional fees.
Sumo also has a range of regular and fixed-term savings accounts that will help people take a year-round approach to planning for their holiday, which remains one of the biggest annual household spends . With the in-built savings tool, customers can set up a weekly or monthly savings plan to reach their target goal.
In addition to the app’s core features, Sumo customers will enjoy new services not previously seen in a mobile banking app. Customers can also click through to the Thomas Cook holiday booking engine to book their holiday.
Another feature is the ability to send money to friends and family via SMS to cover shared holiday expenses.
Eligible customers will be able to apply for an industry standard overdraft facility up to a maximum of 20,000 SEK (Swedish Krona). This will allow customers to dip into additional funds via the app, to top up their holiday spending
About Ferratum Group:
Ferratum Group is an international provider of mobile banking and digital consumer and small business loans, distributed and managed by mobile devices. Founded in 2005 and headquartered in Helsinki, Finland, Ferratum has expanded rapidly to operate in 25 countries across Europe, Africa, South and North America and the Asia-Pacific region.
Ferratum Mobile Bank, launched in 2016, is an innovative mobile banking platform offering a range of banking services, including real time digital payments and transfers, within a single app. It is currently available in five European markets.