London, 13 December 2017 – Thomas Cook Money has collaborated with Finnish fintech business Ferratum Group, to launch the first ever mobile banking app designed for holidays[i]. Sumo is designed to simplify the way that holidaymakers plan and save for their travels and manage their spending when overseas.
In the first wave of Sumo, available initially in Sweden, customers can quickly and easily set up a fee-free multi-currency account that comes with an intelligent contactless debit card. This can automatically identify the local currency, thus enabling them to pay at point of sale (POS) at home and overseas without incurring transaction charges and withdraw cash without incurring additional fees.
Sumo also has a range of regular and fixed-term savings accounts that will help people take a year-round approach to planning for their holiday, which remains one of the biggest annual household spends[ii]. With the in-built savings tool, customers can set up a weekly or monthly savings plan to reach their target goal. Once they have reached their holiday savings target, customers can simply click through to the Thomas Cook[iii] holiday booking engine to book their holiday.
The Sumo app has been developed with ease at its core, with its simple to use interface; customers can be set up securely in under 10 minutes. Supporting seven currencies, including Euros and Sterling[iv], Sumo makes it even easier for customers to plan and manage their holiday money both at home and abroad. One of the benefits of being able to save in multiple currencies is that customers can exchange their money when the rates are most favourable. Additionally, Sumo allows customers to make four fee-free ATM withdrawals at home and overseas per month.
As part of the sign-up process, eligible customers will be able to apply for an industry standard overdraft facility up to a maximum of 20,000 SEK (Swedish Krona). This will allow customers to dip into additional funds via the app, to top up their holiday spending whilst keeping control of their budget.
Sumo also allows customers to send money to friends and family via SMS to cover shared holiday expenses.
Anth Mooney, Managing Director of Thomas Cook Money, said: “We know holidays are a big investment which is why we’ve designed a service that makes it as easy as possible for our customers to plan and save all year round for their weeks in the sun and to spend their money on holiday with confidence. Sumo has all the security and services customers should expect of a traditional bank account, but because it has been designed with holidaymakers in mind, it includes some great added extras, from removing foreign loading fees on card transactions to offering four fee-free ATM withdrawals at home and overseas per month[v].”
“Working with Ferratum has given us an established, ground-breaking platform for mobile banking services, which we are developing for the future. Ferratum’s international reach is also a great fit for our biggest markets, ensuring we can roll out this service to more countries and more customers in time,” added Mooney.
Jorma Jokela, founder and CEO of Ferratum Group, said: “I am incredibly excited to be partnering with Thomas Cook Money, one of the best loved travel brands in the world. We’ve built a mobile bank to ensure the customer experience is super quick and easy, while giving customers all the features they need to live their life on the move. With consumer expectations evolving at speed, the platform approach ensures that our ecosystem can always provide relevant features and services.”
Sumo is live in Sweden from today, with other markets, including the UK, to follow in 2018.
About Thomas Cook Group Plc: Thomas Cook Group plc. is one of the world’s leading leisure travel groups with sales of £9 billion. Thomas Cook is supported by 22,000 employees and operates from 17 source markets, serving over 20 million customers annually. Thomas Cook Group plc’s shares are listed on the London Stock Exchange (TCG).
About Thomas Cook Money: Thomas Cook Group plc launched its new financial services division, Thomas Cook Money Ltd, on 20th November 2017. Thomas Cook Money brings all of Thomas Cook’s existing financial services under one roof and has new products to help customers plan, save, borrow and spend, both at home and abroad. Thomas Cook Money unites a digitally led vision to a long heritage of foreign exchange and travel insurance to deliver a modern customer experience to holiday money. www.thomascookmoney.com
About Ferratum Group: Ferratum Group is an international provider of mobile banking and digital consumer and small business loans, distributed and managed by mobile devices. Founded in 2005 and headquartered in Helsinki, Finland, Ferratum has expanded rapidly to operate in 25 countries across Europe, Africa, South and North America and the Asia-Pacific region.
As a pioneer in digital and mobile financial services technology, Ferratum is at the forefront of the digital banking revolution. Ferratum Mobile Bank, launched in 2016, is an innovative mobile banking platform offering a range of banking services, including real time digital payments and transfers, within a single app. It is currently available in five European markets. Led by its founder, Jorma Jokela, Ferratum has approximately 1.8 million active and former customers who have been granted one or more loans in the past (as at 30 September 2017).
Ferratum Group is listed on the Prime Standard of Frankfurt Stock Exchange under symbol ‘FRU.’ For more information, visit www.ferratumgroup.com.
Media contacts – Thomas Cook Money
Suraj Mashru |Golin |Phone: +44 (0) 7843 854 487 | E-mail: SMashru@golin.com
Media contacts – Ferratum
Alex Simmons | Smithfield | Phone: +44 20 3047 2543 | E-mail: email@example.com
Raeesa Chowdhury | Smithfield | Phone: +44 20 3047 2528 | E-mail: firstname.lastname@example.org
[i] Sumo will be available in Sweden from December 13th 2017 to VING customers and will be rolled out widely in early 2018. Launching in the UK in 2018, date TBC
[ii] Thomas Cook Holiday Report 2017
[iii] Ving is the trading name for the Swedish arm of Thomas Cook Group
[iv] The full range of currencies supported in Sumo are: EU €; SEK; DKK; NOK; PLN; CHF (Swiss Franc) and GBP £
[v] Should a customer exceed this number of ATM withdrawals, a competitive and fixed fee per transaction will apply 2.99 EUR, 1.99 GBP, 29.99 SEK, 21.99 DKK, 27.99 NOK, 11.99 PLN and 2.99 CHF