UK-based online app bank Koto Card has announced planning its launch in the UK by January 2020, according to IBS Intelligence sources.
The online banking app will allow users to apply for a free prepaid card and borrow up to GBP 400 in one go, paying 25p each day they use the credit plus a monthly fee which is 1% of the borrowed amount. Alternatively, they can spread out credit of up to GBP 1,000 over a 3-24 month period with a re-payment plan that includes a GBP 10 monthly fee.
The founders of Koto Card are also the co-founders of Ukraine-based virtual bank, Monobank. The bank gained around 1.6 million customers and has been expanding its customer base ever since. Koto Card features three products: an e-money account, and two credit products called “extra” and “spread facility”. It also allows customers to withdraw cash from an ATM and use the card abroad without charges. The company is currently looking aiming to grow its client base and attract third party investments for scaling up.
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