Ferratum puts the bank in your pocket


Sometimes an idea is so good the world can’t help but take notice.

I studied how Muhammad Yunus introduced microfinancing to the Indian subcontinent, and thought the principle was such a good idea that it should be brought to Europe,” says Jorma Jokela, CEO of Ferratum. “Muhammad Yunus’ idea went on to win the Nobel Peace Prize!”

Ferratum has come a long way since it first began offering consumer microloans in 2005. They have obtained a full European banking license, were listed on the Frankfurt Stock Exchange and expanded to business loans. Yet Ferratum had no intention of settling down in the musty world of traditional banking.

Real time, mobile, global and easy banking

Jokela believes Ferratum have solved mobile banking. “Our mission is to make banking as easy as using an email app,” Jokela explains.

The problem with traditional banks is their legacy: they use old IT systems and are stuck in their old ways of doing things. Often if you want to open an account you need to go to a physical bank, wait for your appointment, fill out stacks of paper forms, and then wait some more for your account to finally open.

“Banking should be four things,” Jokela continues. “It should be in real time, mobile, global and easy.”

Ferratum’s mobile banking services are exactly that: a customer can open an account in five minutes with her mobile phone, make transactions anywhere in the world, and easily use the simple and intuitive functionality.

Next generation digital banking

Jokela’s vision is to improve the banking experience. Loans can be approved quickly, savings plans make automatic deposits to meet your goals, and you can link accounts in multiple currencies to your Mastercard. You won’t need to worry about foreign exchange charges when you travel because your card automatically identifies the correct currency and draws from the appropriate bank account. Need help? Then use Ferratum’s 24/7 video chat service.

“We’re digitalising banking,” he says. “We want to create value as a service. We plan on an ecosystem where companies can bring their new content. In the future, we will look at even more partnership programs, like providing white label mobile services to partners.”

Ferratum’s mobile banking service has been rolled out in Sweden, Norway, Germany, France and Spain, with further European expansion on the horizon. Just like Muhammad Yunus’ Nobel Peace Prize opened the world’s eyes to microfinance, Jokela hopes Ferratum teaches the world about 21st Century banking.

“Our mobile bank has been very successful,” Jokela says. “I don’t think people realised how easy banking could be!”

Text: David J. Cord

Ferratum’s mobile banking services

  • Free current account
  • Multi-currency European account
  • Flexible overdraft
  • Free contactless MasterCard
  • Send money via SMS
  • Simple savings
  • Paperless and hassle-free
  • 24/7 customer support


FerratumBank is your bank in your pocket.
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