Thomas Cook Money, the newly launched financial services arm of Thomas Cook, has partnered with Ferratum Group to introduce its first Banking-as-a-Service venture.

Ferratum will provide Thomas Cook Money with a fully functional and regulated mobile consumer finance offering, enabling customers to use a mobile banking app – which has been designed around holidays – through the new Thomas Cook Money brand Sumo.

Initially available in Sweden, the new app enables customers to quickly set up a fee-free multi-currency account that comes with an ‘intelligent’ contactless debit card, which automatically identifies the local currency. This enables them to pay at the point of sale at home and abroad without incurring transaction charges, and to withdraw cash up to four times a month without additional fees.

In addition to the app’s core features, Sumo customers are also able to click through to the Thomas Cook website to book their holiday. Another feature is the ability to send money to friends and family via SMS to cover shared holiday expenses. Eligible customers will also be able to apply for an industry standard overdraft facility up to a maximum of 20,000 Swedish Krona.

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.”

Jorma Jokela, group founder and CEO of Ferratum Gorup, added: “I am incredibly excited to be partnering with Thomas Cook Money. We built our mobile bank to ensure the customer experience is super quick and easy, while giving customers all the features they need to live their lives on the move. Thomas Cook Money is bringing that rich functionality to the travel market, which makes perfect sense.”

After the initial Sweden roll-out, Thomas Cook Money is planning to launch the new app in other markets, including the UK, in 2018.

Share Story: