At Fazil we have always had the great European leaders in our industry as a reference. As part of our vision to expand and become one of the leading neobanks in Europe, we have worked and taken the first step to make this possible by expanding the size of our potential market 10x from Spain to the rest of the European Economic Area.
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Expanding the potential market as a neobank
Until a few months ago, Fazil Neobank only allowed customers with a Spanish ID to open accounts. However, we received requests to open accounts from different countries and we realized the importance of providing access to people of various nationalities and residents of Europe. For this reason, we decided to work on it until we could open accounts for anyone with an Official Identity Document or passport issued by a country in the European Economic Area (EEA).
KYC validation with OCR and AI technology
To ensure the authenticity of documents, we employ Optical Character Recognition (OCR) technology and Artificial Intelligence (AI) in our verification process. This advanced technology allows us to scan and validate documents automatically and in real time, ensuring the veracity of the information provided and contrasting the user's identity with the selfie we request when creating the account.
Multiplying the potential market x10 in a few months
Thanks to this major update, we have expanded our potential market significantly. We have gone from 50 million people in Spain to more than 500 million in the European Economic Area. This exponential growth brings us ever closer to our vision of becoming one of the leading neobanks in Europe. The app is already available in 3 languages, Spanish, English and French and more will come soon.
At Fazil Neobank, we are proud to announce this exciting enhancement to our account opening process. By extending the possibility of opening to European nationals and residents, we are one step closer to fulfilling our vision of becoming one of the leading neobanks in Europe. We will continue to innovate and provide affordable and cutting-edge financial solutions for our clients. Join Fazil Neobank and be part of this exciting stage of growth in the European financial industry. Together, we are building the future of banking.