Key Data

• Trading Name: SweepBank
• Legal Entity: Multitude Bank p.l.c
• Activities: Smart Bank
• Location: Malta
• Regulations: licensed as a credit institution by the Malta Financial Services Authority.
• Key People: Jokela Jorma (Linkedin), CEO of Ferratum/Multitude

SweepBank is a customer-centric Smart bank.

The service is underpinned by Tuum’s core banking platform.

SweepBank is operated by the credit institution Ferratum Bank p.l.c.. Ferratum Bank, a subsidiary of Multitude, is a public limited company incorporated under Maltese law.

Ferratum Bank is part of the international fintech company Multitude (formerly Ferratum Group) and is a public limited company registered in Malta and licensed by the Malta Financial Services Authority. The bank primarily offers loans in Germany.

Offering

The bank will, for example, give tips on how to handle money properly – and evaluate spending and saving habits for this purpose.

Their service allows users to set up savings accounts and make payments around the world online or at checkout using the ready-to-use Mastercard virtual debit card or a biodegradable physical card via a smartphone with Apple Pay or NFC technology for Android.

SweepBank’s credit card, a Mastercard, enables financing of smaller, unplanned purchases, such as online shopping and physical stores. Integrations with Apple Pay and NFC payments allow for easy use online and in physical retail locations.

Interest on balances and discounts and bonus points that beckon in the offers section round out the offerings.

SweepBank also offers a “Buy Now, Pay Later” program where customers can pay interest-free for up to 60 days.

As part of their offer, consumers can also take out longer-term installment loans of up to 30,000 euros with terms of between 1 and 10 years. On average, the loan amount is 8,000 euros and the term is five years.

SweepBank also offers customers the option to instruct the bank to make recurring, fixed payments to the payee’s account on specified dates.

Interest rate:

Current account with 0.15% interest

Savings account with 0.15% interest

Pricing:

€3.99/month

ATM withdrawals are free for the first four transactions per month. After that, a fee of 2% +1 € per withdrawal is charged.

Conclusion:

We could not find any irregularities around Sweepbank or its parent company and therefore rate it Green.