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Part
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Digital First Banks: Rows 3 - 6
N26, Monzo, Chime, and Current are online-only banks that target the younger generation - which depends on its smartphones to carry out activities. The requested information on these companies has been entered into the attached spreadsheet.
N26
- Founded in 2013, N26 is an online-only bank that claims to allow customers organize and control their financial world.
- It was founded by Valentin Stalf and Maximilian Tayenthal with the aim of "reimagining the retail banking experience for today’s mobile lifestyle."
- The company has more than 3.5 million customers in 24 European markets.
- Its monthly transaction volume is over €1.5 billion.
- Its latest funding occurred on January 9, 2019, from a Series D funding round where it raised $300 million.
MONZO
- Monzo is a digital-only bank platform that was founded in 2015.
- Headquartered in London, UK, the company claims it is focused on helping people manage money rather than simply selling its financial products to people.
- Monzo has more than 800 employees and targets people who "live their lives on their smartphones."
- Monzo offers a full bank account for personal use and another for business use. Its business account includes contactless Mastercard debit cards, instant notifications whenever one spends or is paid, and instant bank transfers/direct debits.
- To date, Monzo has raised a total funding amount of £324.7 million.
CHIME BANK
- Chime Bank claims it is a hassle free mobile-only bank for the smartphone generation.
- Headquartered in San Francisco, California, Chime wants its users to have "financial peace of mind."
- The company has no hidden fees and claims it can grow savings automatically. Chime was founded in 2013 by Chris Britt and Ryan King.
- Its latest funding occurred on March 5, 2019, from a Series D funding round where it raised $200 million. In total, Chime has raised $308.8 million to date.
CURRENT
- Founded in 2015, Current is a financial technology company that aims to get its users paid "quicker with direct deposit up to two days early and instant gas hold credits."
- It is headquartered in New York and offers a smart debit card for teenagers.
- Current offers personal checking accounts and teen banking services. Its teen banking services allow teenagers to easily shop online and save money.
- Till date, Current has raised $9.6 million in total from investors like Fifth Third Capital and QED Investors.