Challenger Digital Banks: Netherlands
The top four challenger digital banks offering banking service to businesses in the Netherlands are Bunq, N26, Revolut and Monese.
- Bunq is an independent bank. It removes the borders and barriers of traditional banking.
- It has no branches, no queues, and no paperwork. Immediate access is available from a mobile device.
- Its home country is the Netherlands. It also offers services for retail businesses and small to medium enterprises in Switzerland and other EEA Countries, including France, Belgium, Germany, Austria, Italy, and Spain.
- The Bunq app has a monthly download rate of 98,266.
- The SEPA XML files feature on the Bunq business account is a time saver. Customers gain access at any time, from anywhere by opening the files using the Bunq app.
- The ability to have multiple bank accounts, each with their own IBAN, makes budgeting easy. Customers can quickly and easily allocate money to the things that matter to them.
- One of the features of a business account is real-time bookkeeping. Data is directly integrated with popular bookkeeping apps, so they are always in sync with business account transactions.
- Revolut was launched in July 2015. It is a digital banking alternative that includes a prepaid debit card, currency exchange, and peer-to-peer payments.
- Its mission is to build a fair and frictionless platform that enables customers to use and manage money around the world.
- It has developed a platform that allows users to transfer, exchange, and spend money with a multi-currency card that is accepted everywhere. (s9)
- Revolut provides services to retail businesses and small to medium Enterprises in Switzerland and other EEA countries.
- It has more than 6 million customers and has completed more than 350 million transactions.
- It has a total value of more than £40 billion.
- The Revolut business account provides easy access to international payments and transfers and allows you to manage your accounts across multiple countries.
- Revolut provides prepaid cards for the business. Management can easily review employee spending and card balances.
- N26 is a German startup, launched in 2015.
- It has never opted for financing via crowdfunding. It has experienced total investments of around $500 million. This is the highest level of investment seen in a company of this nature.
- N26 has over 2.5 million customers. They are active in 24 European markets and plan to expand into the US.
- They offer both premium and business accounts. Their partnership with TransferWise allows for easy and competitive international transfers.
- The firm has raised more than $500 million from some of the world’s most well-known investors, including Insight Venture Partners, GIC, Tencent, Allianz X, Valar Ventures, Horizons Ventures, Earlybird Venture Capital, and Battery Ventures.
- N26 services can be accessed from any European Union country. It was designed to make sending and saving money easy.
- N26 business accounts are free to open online and have no account management fees. It is the easiest business bank account to open if you are a freelancer or self-employed.
- Since N26 Business is an online business bank account, the 0.1% cashback on all MasterCard purchases is paid directly into the account.
- Monese provides instant on-demand UK current accounts and European IBAN accounts in 20 countries. (s14)
- It has had nearly 1 million sign-ups. 75% of incoming funds are from salary payments.
- It is one of the most popular and trusted banking services in the UK and Europe. 3,000 people sign-up to the bank daily. (s14)
- Monese business accounts were launched in 2018. It is available for retail businesses and small to medium enterprises, in Switzerland and other EEA Countries. (s14)
- It provides business accounts that feature instant accounts, premium business debit cards, invoice and expense reports, transaction categorization, and competitive currency transfer rates. (s15)
We extensively searched pre-compiled data from SIA Partners, Silicon Canals, Learn Bonds, and Penseron for challenger digital banks that offer banking services to businesses in the Netherlands. We leveraged this information against a compilation of industry reports, leading publications, and expert blogs. We were able to determine four of the top challenger digital banks offering banking services to businesses. We used the estimated total users, number of transactions, and the value of the digital banks to determine the top four. These are the only digital banks cited in articles and leading publications that provided business services in the Netherlands.
We were unable to determine the market penetration of these banks, despite implementing a range of strategies to find the information. We searched the press releases on each of the banks' websites, but no information was available regarding the number of business customers in the Netherlands. Some general data relating to the business market was available along with the banks' history and a mobile banking overview. Data specific to the countries they operate in was not available.
We searched a range of information from surveys and consumer reports. Our primary focus was to find pre-compiled information relating to market penetration. Most of the information related to, account opening processes, products and services offered, security measures, fees and charges, and customer support. Data relating to market penetration was not publicly available. This is possible due to its sensitive nature.
Finally, we considered a range of corporate online databases, including Crunchbase, Hoovers, and Zoominfo. Most of the data found related to funding, investors, estimated revenue, competitors, team members, and support services. No information regarding market penetration was available.