We recently learned that the planned second wave of investment from Fraser Financial Services Limited is, sadly, not completing due to the increasing limitations placed on Chinese firms investing money abroad. As a result, we have decided to pause our plans to offer savings accounts to customers in the short term.
This will not delay our launch to the market, with the app – which will allow customers to view all their money in one place and optimise their finances – still launching to the public in the coming months followed by credit cards later this year, subject to regulatory approval. We will add saving accounts and current accounts back into the range of services we provide as soon as we feel the time is right for our customers and our business. Our determination to reduce the stress people feel in managing their money is as strong today as it has ever been.
Fraser Financial Services Limited remains an investor, having completed a £6m investment in December, and our plans to rollout a new generation of financial services products to the retailer’s multi-million customer base remains a priority for both House of Fraser and ourselves. We are excited about being able to bring our service to those customers, many of whom share our frustration of a difficult life with money on a daily basis.
In the meantime, we wanted to give you a sneak peak at what the app will look like when we launch in the coming months.
More to come.