As the Trump administration eyes a TikTok ban amid security concerns, U.K. fintechs see it as a customer acquisition channel, pulling in quarantine-weary TikTok users who may be open to changing their money habits.

Why should we care?
TikTok just may be the next marketing gold mine for fintechs. AltFi reports that U.K. fintechs are seeing success with the platform as a marketing tool, including savings and investment app Moneybox and personal finance apps Plum and Snoop. According to Snoop, TikTok compares favorably with other channels when pursuing “high-quality” customers, with a reach that goes beyond millennials and Gen Z to include some users in their 50s and 60s. Teenagers aren’t the only ones who might complain about a U.S. TikTok ban. A U.S. TikTok ban could thwart fintech marketers’ quests to reach more than 26 million U.S. users on the platform. U.S. fintechs have seen results from TikTok campaigns, including debt management app Tally, which found that the cost to acquire a user on TikTok was 300% cheaper than Instagram.