Malta: Challenger Digital Banks
Meta Luminor and UK-based Revolut are the top challenger digital banks in Malta with a market presence of over 85,000 customers and over 35,000 customers, respectively. Other top competitors in Malta's digital banking market include Paymix and MoneyplusCard, digital business solutions for private and corporate customers.
- Meta Luminor offers advisory services to source IBANs in 27 FIAT currencies, merchant-managed e-payment gateways and processing solutions for New Tech Industries in jurisdictions like blockchain and DLT, gaming, medical pharma, and even Crypto Exchanges.
- In 2018, the company grew their market from 17,000 users to 85,000+ users representing 20% population market penetration of Malta’s population.
- Revolut is a UK-based digital banking alternative that offers prepaid debit card (MasterCard or VISA), currency exchange, cryptocurrency exchange, and peer-to-peer payments.
- The company joined the Malta digital banking because the Maltese travel a lot and thus it provides free travel insurance, currency exchange, point of sale payments, and ATM withdrawals in Malta.
- More than 35,000 people have signed up to the digital banking platform.
- Headquarters: UK
- Registration ID: No. 08804411
- Paymix now Prospero offers corporate Debit Cards (MasterCard), instant SEPA transfers, payment options in 60+ currencies and multiple user access.
- Paymix offers business solutions for both corporate and personal customers.
- Headquarters: San Gwann, SGN3000, Malta
MONEY PLUS CARD
- According to their website, "Money Plus Card, written as Money+Card, represents a new era of branchless financial services available through the internet."
- Moneypluscard is regulated by the Malta Financial Services Authority and is a Mastercard Principal Member.
- They offer services to Private Clients through a secure website.
- Corporate Clients can also open accounts.
- Headquarters: Vlaetta, Malta
To find the top challenger digital banks in Malta, we searched articles, financial news media, and banking industry statistics and trends concerning Malta. According to fintech and digital banking publications, there are numerous digital banking companies operating in Malta (approximately 40). So, we first attempted to list those companies from financial articles, publications, and journals, providing four companies. Unfortunately, those articles did not classify the top players, nor did they give their market penetrations. Then, we tried to find additional data on these companies through their websites and Maltese fintech or digital banking reports to determine their dominance in the Maltese market. Luckily, we found only two sources that indicated the actual market penetration by Meta Luminor and Revolut but we could not locate the market penetration of other digital banking companies. Moreover, we could not find individual companies' financial reports or market reports. We changed tactics and decided to determine the top challengers by the size of the company or the latest available revenue estimates. For this, we leveraged corporate financial databases. By comparing the competitors, we were able to identify other digital banking companies operating in Malta, such as Izola Bank, Banif Bank, FIM Bank, and Fidor Solutions. However, we still could not find any information regarding market share/penetration.