Lord Hill of Oareford, the former EU Commissioner for Financial Services, is joining the Advisory Board for UK based financial services start up W1tty, whose smart finance app is launching in Lithuania and Poland this Autumn.
W1tty’s Advisory Board is chaired by Lord Chadlington, a serial entrepreneur with extensive experience in advising financial services companies and governments. The Advisory Board also includes Gene Lockhart, the former CEO of Mastercard International, who has a strong track record in leading financial services firms including Midland Bank, First Direct and Metro Bank in the UK and more recently Brazil’s Nubank and First Republic Bank in the US. Jonathan Hill, a former leader of the House of Lords and Chancellor of the Dutchy of Lancaster who recently led the UK Government’s Listings Review, brings experience of financial services regulation in both the UK and the EU.
W1tty has been granted an Electronic Money Institution (EMI) licence in Lithuania and recently secured passporting rights across the European Economic Area (EEA). It has also applied for an EMI licence in the UK and an EU consumer credit licence. It will launch in Lithuania and Poland this Autumn with other EEA countries to follow as well as the UK once W1tty secures its licence.
W1tty, the brainchild of international businessman Ammar Kutait, has been created to offer an entirely new financial services experience – giving customers what they really want, and rarely get – to be treated as individuals who have a genuine choice over who they bank with. W1tty is initially targeting Generation Z – students and other young people starting their first jobs and building their careers. However, W1tty is designed to appeal to everyone who is dissatisfied with what is currently on offer, frustrated with hype that fails to deliver, and is willing to try something genuinely different.
Ammar Kutait, founder and CEO said today: “W1tty is proud to have secured such a strong Advisory Board ahead of our launch in two markets with more to follow. Jonathan is highly respected in the world of financial services regulation and his knowledge, expertise and relationships, along with those of Peter and Gene, will be invaluable to us as we grow W1tty across Europe.
“Our research shows that most fintech starts-up are largely offering the same basic products as conventional banks, only digitally, while not yet delivering in terms of accessibility, customer service and range of products. W1tty’s mission is to give power and choice back to people and make everyone feel equally important and informed.”
Lord Hill added: “Having watched fintech develop since my time as European Commissioner, I am excited by what W1TTY can bring to the market. W1tty has something different to offer and I look forward to working with Ammar and his team as they work to turn their vision of a financial services business built around the customer into reality.”