UK-based fintech is seeking £100,000 through equity crowdfunding platform CrowdCube to build a mobile-first, fixed-fee credit card that makes borrowing “a better experience.”
The credit card is controlled entirely through a mobile app called Fea, and is due to release next year.
The idea comes from Fea co-founder Faisal Khalid, and his personal experiences with $130,000 of student and credit card debt. The team came together earlier this year, and includes veterans from Nationwide, Zopa, CapitalOne and LendingClub.
The app intends to generate income by charging a flat fee from consumers, which will be £2 for every £100 they borrow. By doing this, the company aims to “make borrowing a better experience.”