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UK: Challenger Digital Banks

Delivered August 22nd, 2019. Contributors: Lisa M. and

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UK: Challenger Digital Banks

Revolut, Starling Bank, Monzo, and Atom are four of the top challenger banks in the UK. It is advised to keep an eye on Soldo, Mettle, and Tide, as they are claiming a market share.

REVOLUT

  • Revolut was founded in 2015 and is based in London. In 2017, they reported $15.67 million in revenue, and $17.31 in 2018. From 2016-2017, their revenue growth was 443%. They offer personal and business products.
  • Their market valuation is currently $1.7 billion, with $336.5 million in total funding over 12 rounds, with the last being March 27, 2019. They are a private company and considered a tech unicorn.
  • Revolut has completed a total of 350 million transactions at a total value of $48.9 billion.
  • Revolut states they have 7,000 new accounts opened daily.
  • They have nearly 20,000 businesses as customers, along with 4.5 million customers total. In the UK, they have 1.6 million customers.
  • Businesses may hold, receive, and exchange 29 currencies without charge.
  • Revolut claims they are ten times cheaper than a bank.
  • They have had significant reported losses.
  • Their business customers have an Open API to integrate their Revolut account into their current workflow and stack.
  • Revolut operates in Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.
  • Their website may be viewed here.

STARLING BANK

  • Starling Bank was founded in 2014, by Anne Boden. They are headquartered in London and are a private company. They offer personal and business products.
  • The 2017 reported revenue was $39 million.
  • Starling's business account is currently only open to owners of limited companies with significant control.
  • Their business customers have access to integrations with Xero and FreeAgent. A sole trader account may be opened if the customer has a personal account as well.
  • Starling raised $54 million in funding in 2017.
  • They won "Best Business Banking Provider" in 2019.
  • Starling has 46,000 SME members along with a $122.4 million dollar grant to develop their business offerings. They plan to hit a total of one million customers in 2019.
  • They have 20 institutional clients, including the UK government.
  • Starling has over 30,000 SME business and sole trader accounts.
  • A goal of a 6.7% share of the SME market has been set to achieve within the next five years.
  • Their website may be viewed here.

MONZO

  •  Monzo is a London based digital bank that was founded in 2015, by Gary Dolman, Jason Bates, Jonas Huckestein, Paul Rippon, and Tom Blomfield. They are a private company with a Late Stage Venture funding status. They offer personal and business products.
  • The current market valuation is $2.45 billion.
  • Monzo has raised $397.56 million in funding over 14 rounds. Their latest funding round was on June 25, 2019.
  • They currently have 2,797,950 customers total.
  • Monzo launched business accounts for 100 sole traders this year. Currently there is a wait list with over 15,000 businesses.
  • They are adding help with taxes, international payments, payroll multiple payments, and payments by a link for business customers.
  • Their website may be viewed here.

ATOM

  • Atom Bank was founded in 2014, by Aykley Heads in Durham, UK. They offer personal and business products.
  • They have a total funding amount of $525.27 million raised over eight rounds. Their latest funding round was August 14, 2019.
  • The current market valuation is $1.3 billion.
  • Atom specializes in money management, savings and mortgage services.
  • Only UK residents may become customers.
  • In late 2018, they reached 65,000 customers and had $2.2 billion in deposits.
  • They are investing in automation.
  • Their website may be viewed here.

DIGITAL BANKS TO WATCH

  • Tide, launched in 2017, operates in the business banking market with 86,000 small and medium business (SME) customers. They process over 11 million transactions per month, and have an annual transaction volume of almost $7.3 billion. They have a goal to secure 8% of the business banking market by 2023. They have 1.4% of the UK's SMEs as clients. They received a $73.4 million dollar grant to increase their business offerings.
  • Soldo currently has over 40,000 SME businesses and was founded in 2015. They have raised a total of $83.2 million in funding over 6 rounds, with the latest being July 2019. They claim to offer a world-class technological, regulatory and operational platform.
  •  Mettle offers a free business account for small businesses, sole traders, and freelancers. They were founded November 5, 2018.

MARKET INFORMATION

  • Britain is not saturated with big banks and branches like the US, leading to a favorable area to offer digital banking.
  • The UK was an early adopter of digital banking.
  • British SMEs account for 99% of all private companies.
  • Fintech funding deals are on the decline in the UK. In 2017, there were 239 fintech, In 2018 there were 226, and this year there have only been 87.
  • The global digital banking market is expected to grow at a CAGR of around 3.8% between 2019-2025.
  • The business banking market in the UK is over $17 billion. There are 24.5 million SMEs in the UK, and the four largest banks have a 90% market share.

Research Strategy

To locate the top challenger digital banks, we first located industry articles that stated who the best digital challenger banks were. To be included in the next stage of our research, a bank had to be mentioned multiple times. Once we had our list, we then researched each bank separately to obtain an across the board metric. This proved difficult, as some banks did not list their annual revenue. We believe this happened because some banks are operating at a loss due to how new they are. Our next approach was to order them by their customer numbers. This again proved difficult, as the biggest bank we researched did not separate their customer base, and some banks only do business banking. Active users and monthly transactions also ran into the same issues. To combat this problem, we holistically looked at all the metrics we obtained to get our top listings.

To assess the market penetration, we began by locating industry reports and market studies. This did not give us enough information to triangulate a market share, as most of the information was global. Consulting business press releases from Globe Newswire, PR Newswire and from each business’ website gave us the bulk of our information. To finish our research, we researched available banking information from the government. Again, this gave us a few facts. Ultimately, we were able to put together a snapshot of the market, but not exact figures.


Sources
Sources

The best challenger bank accounts for business | Startups.co.uk

startups.co.uk
Publication Year: 2019
Quotes
  • "Challenger business banks include: • 01 | Revolut • 02 | Starling Bank • 03 | Soldo • 04 | Mettle • 05 | Countingup • 06 | Cashplus • 07 | Tide • 08 | Monzo • 09 | CardOneMoney "
  • "Revolut: The banking service has more than four million customers around the world, and has facilitated over 350 million transactions at a total value of £40bn."
  • "Touting itself as a global business account for international payments, Revolut allows businesses to hold, receive, and exchange 29 currencies without unfair charges. Not just that, but you can spend in over 150 currencies at the interbank exchange rate. Revolut claims this can cost you 10 times less than using a bank."
  • "Features • Multi-currency cards – cut travel expenses and avoid foreign exchange mark-ups • Fast payments – transfer money to any other Revolut account for free, and save when you make payments to businesses around the world • Payment approval – any of your team can raise payments that need your approval, while bulk payments allow you to make up to 1,000 payments with a single click • Integrations – Using an open API, Revolut Connect allows you to integrate with a range of popular software including Xero, Slack, Zoho, and Sage • Partner discounts – Revolut offers exclusive discounts and perks from partners to help you get your business up and running • Priority support – a support team are available to help 24/7 "
  • "Starling: However, at the moment, the business account is only open to owners of limited companies with significant control. Meanwhile, the sole trader account is only open to people with a Starling personal account (although there are plans to open this up)."
  • "Features • Notifications – the app sends you notifications every time money enters or leaves your account • Categorised transactions – these give you a valuable insight into where your business is spending most • Flexible overdraft – need to borrow against your overdraft? The Starling Bank flexible overdraft is available to give your business a cashflow boost at 15% interest • Integrations – integrate with Xero and FreeAgent and share your transaction feed with your accounting software instantly • CSV exports – download and share key transaction data with your accountant • Goals – a unique feature that allows you to create financial savings goals, then set money aside towards them "

The rise of challenger banks

home.kpmg
Publication Year: 2018
Quotes
  • "Britain’s Monzo raised US$93 million in November 2017[1], building on a $27.5-million financing round during the first quarter. "
  • "Earlier in the year, Atom Bank, a fellow UK challenger, pulled in a total of $140 million.[2] A third British startup, digital-only Starling Bank, announced in September that it was raising $54 million in fresh funding.[3"
  • "Most challenger banks and neobanks are in the UK, for two reasons. First, Britain isn’t as saturated with big banks and their branches as a nation like the US, creating an opportunity for non-traditional financial institutions. Second, the UK was an early adopter of digital banking, dating back to the dotcom era of the late 1990s and early 2000s. That head start has probably helped it lead the shift toward challenger banks and other alternative models."

10 Best Challenger Banks in Europe (2019)

learnbonds.com
Publication Year: 2019
Quotes
  • "N26 is a German based digital first challenger bank that has over the years found its way throughout Europe. Although the CHALLENGER BANK HAS FOUND ITSELF IN THE GOVERNMENT’S CROSS-HAIR for not implementing sound systems to curb money laundering, it is still leading the pack in revolutionizing this sector."
  • "It tops our list of the best challenger banks for the year not just because of its expansive regional reach but also due to its wide stock of banking features. You can access it from any European Union country and was specially designed to address the ease of sending and saving money."
  • "Key among its unique range of features is the fee free transactions when you use their card to make transactions from any part of the world. The app won’t even charge conversion fees when you pay using different currencies, making it the best for frequent international travelers. In addition to this the challenger bank is accessible though a slick mobile app that gives you absolute control over your N26 account and debit card."
  • "Revolut debuted in 2015 and has since attracted over 2 million members. DESPITE ITS HUGE REPORTED LOSSES, the bank boasts of an elegant, streamlined app that helps in providing progressive banking. Revolut is, however, currently only available in Europe."
  • "Revolt is out to extend and break the barriers to banking. It has particularly set itself apart and a few paces ahead of competition with its highly flexible accounts and free international cash transfers. Additionally, you can make fee free transactions globally, making it the most suited for expatriates who need to send cash home regularly, international students as well as individuals that are always travelling internationally."
  • " Starling bank can be best described as a digital piggy bank that was specially designed for individuals looking to get in sync with their spending. It seeks to provide you with the best personal current account in the world” specially tuned to help you manage your finances. "
  • " If you are looking to manage your cash by understanding how you spend your balances to the last coin, you will need the Monzo Bank app and their contactless Hot Coral debit card."
  • "Interesting Monzo digital bank features include the fact that it provides for fee free international transactions and ATM withdrawals of up to £200 per month with additional withdrawals attracting a 3% charge. It also offers customized overdrafts to eligible clients with the option of switching off this feature or reducing the overdraft limit within the app. Cash withdrawals and payments in the U.K are free of charge."
  • "The primary difference between Atom Bank and most other digital apps is their approach to money management and savings. While most challenger banks are competing with the traditional banks in offering more flexible current accounts, Atom is targeting long term savings and mortgage services."

Subscribe to read | Financial Times

ft.com
Quotes
  • "Some of the companies have attracted overlapping investors. DST has backed both UK challenger bank Revolut and rival Chime, leading a $200m round of fundraising in March that valued the US start-up at $1.5bn. Thrive led a 2017 investment in the UK start-up Monzo, while Ribbit has backed both Revolut and Argentina’s Uala."

The Challenger Bank Playbook: How Six Challenger Bank Startups Are Taking On Retail Banking

cbinsights.com
Publication Year: 2018
Quotes
  • "Europe has seen the first cohort of challenger banks (Atom Bank, Tandem Bank, Monzo, Starling Bank, Revolut, and N26) break out, collectively attracting $1B in funding and over 2.5M customers since 2014."
  • "The UK, in particular, has seen the most challenger bank activity compared to other regions, as a result of progressive regulations enacted to promote competition and break up the banking monopoly."

The UK fintech sector is more crowded than ever - but Britain’s challenger banks aren’t complaining

telegraph.co.uk
Publication Year: 2019
Quotes
  • "Top players such as Monzo, Revolut, Starling Bank and N26 - who will be represented as thousands gather in the City for London Fintech Week this week - are all splashing out on glossy marketing campaigns aimed at winning new customers."
  • "The UK fintech sector has become crowded in recent years On the surface, the rise in the number of competing digital banks with similar features seems detrimental for the UK’s fintech sector. If they spend millions competing with each other, then perhaps they risk making life easier for traditional banks, many of which are building competing app-based banking services. "
  • "But a closer look shows fewer deals going through. In 2017, there were 239 fintech funding deals. In 2018 there were 226. This year, so far, there have been just 87."

SME digital banking challenger reaches 85,000 members and 1.5% market share | Business Leader News

businessleader.co.uk
Publication Year: 2019
Quotes
  • "SME DIGITAL BANKING CHALLENGER REACHES 85,000 MEMBERS AND 1.5% MARKET SHARE Tide, a digital challenger in SME banking has 85,000 small and medium-sized businesses now using the banking platform. "
  • "This brings Tide within touching distance of The Co-Operative Bank’s 86,000 SME customers, meaning the digital challenger is quickly gaining ground on the so-called “traditional challengers” (CYBG, Metro Bank, TSB and Co-Op) in the business banking market."
  • "In addition to the quick growth in volume of customers, Tide’s members are regularly using the platform. Over 11 million transactions have now been made since the January 2017 launch, with an annual transaction volume of almost £6bn."
  • "Tide is already the leading digital business banking player. Our vision is to become the number one business banking challenger in the UK, and as part of our commitment to the Banking Competition Remedies (BCR) Alternative Remedies Package, we have stated we will secure 8% of the business banking market by the end of 2023"

Global Digital Banking Market Will Reach USD 8,646 Million By 2025: Zion Market Research

globenewswire.com
Publication Year: 2019
Quotes
  • "According to the report, the global digital banking market was valued at approximately USD 6,620 million in 2018 and is expected to generate around USD 8,646 million by 2025, at a CAGR of around 3.8% between 2019 and 2025."

Online Banking Market by Banking Type (Retail Banking, Corporate Banking, and Investment Banking) and Solution Type (Payments, Processing Services, Customer and Channel Management, Risk Management, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2023

alliedmarketresearch.com
Publication Year: 2017
Quotes
  • "The Online Banking Market size is expected to reach $29,976 million in 2023 from $7,305 million in 2016, growing at a CAGR of 22.6% from 2017 to 2023. Digital banking includes all kinds of online/internet transactions done for various purposes. It is the incorporation of new technologies, to deliver enhanced customer services."

Top 10 digital banks

fintechmagazine.com
Publication Year: 2019
Quotes
  • "Founded in 2013 as Number 26, today the German digital bank and card provider has over 26mn users in 24 markets across the UK and Eurozone, with plans to enter the US market in 2019. N26 has raised more than $500mn from the world’s most established investors, including Insight Venture Partners, GIC and Tencent. Like most cutting-edge digital banks, N26 offers its users an online current account with an intuitive app, money management solutions and fee-free foreign currency withdrawals."
  • "Based in the UK, Starling Bank was founded in 2014 by former Allied Irish Banks COO, Anne Boden. Setting itself up in opposition to other digital banking heavyweights like Monzo and Revolut, Starling has quickly racked up a number of awards for its slick service - winning Best British Bank, Best Current Account and Best Business Banking Provider 2019. Starling also specialises in business with the Eurozone, allowing users access to a free Euro account."

The online business banking startups compared | Sifted

sifted.eu
Publication Year: 2019
Quotes
  • "Digital bank startups aren’t just coming for personal current accounts. They’re after the business banking market too.Why? Because there’s big money to be made — £14bn in the UK alone — and what’s on offer from traditional banks is universally acknowledged to be a right pain in the ass. It’s slow, it’s expensive, and it’s way behind on digitalisation."
  • "Most of the business bank startups are growing super fast: Tide now claims over 1.4% of the UK’s SMEs as clients (up from 1% in December), and is gunning for 8% market share by 2023, aided by a £60m UK government grant."
  • "Meanwhile, Starling has 46,000 SME members, up from 30,000 in March, with £100m in the kitty from the same government grant to develop its business banking offering."
  • "There is a lot of space for growth because the European market — with 24.5m SMEs — is still extremely dominated by the big lenders. In the UK, for example, four big banks have a 90% share of SME banking. That’s one chunky oligopoly calling out to be broken up — and a host of startups are raring to take on the task."
  • "Taking market share will not be so easy, however. The big banks are fighting back, starting their own digital-focused business banks as well to compete. In November, NatWest launched Mettle. Santander’s “startup” small business bank, Asto, also launched in the UK late last year. Meanwhile, HSBC is building its own small business bank startup, known internally as Project Iceberg."
  • "Tide seems to have taken note. This year, it plans to offer new customers the option to incorporate their business at the same time as opening a Tide account. This so-called “Starting-Out Proposition” will be funded by the £60m government grant."
e

SME Banking

ey.com
Publication Year: 2018
Quotes
  • "SMEs are a large and growing market with turnover of £1.9tn and account for approximately 99% of private companies"
  • "There are sizeable areas to grow market share across a number of products that are targeted at the SME sector. "

Fintech Tips: Best digital bank for business - AltFi News

altfi.com
Publication Year: 2019
Quotes
  • "But they are also chasing the lucrative small and medium-sized enterprise (SME) market that has felt undeserved since the financial crisis more than a decade ago, which saw traditional banks tighten lending to smaller firms fearful of defaults."
  • "However, last year Britain’s small firms comprised 5.6 million companies, employing 16.3 million, with a combined annual turnover of £2trn, or 52 per cent of all private sector revenues, according to the Federation of Small Business. So, a slice of this market is clearly worth having."
  • "The Winner Starling Bank - Business account "
  • "Revolut - Business account The London-based fintech said it has “nearly” 20,000 businesses” in its network, adding that cash sent between these firms will not incur fees. "
  • "Monzo - Business account The digital bank said in February it will begin testing its new business accounts for 100 sole traders and limited companies. In January, Monzo chief executive Tom Blomfield said: “We’ve heard calls for business banking, and that’s something we’re planning to launch later this year.” "
c

Craft: Revolut

craft.co
Publication Year: 2019
Quotes
  • " Revenue£12.8 MFY, 2017 • Market Valuation$1.7 B2018-04-26 • Total Funding$336.5 M "
c

Crunchbase: Revolut

crunchbase.com
Publication Year: 2019
Quotes
  • "Revolut is a digital banking alternative for instant payment notifications: free international money transfers and global fee-free spending."
  • "Founded Date Jul 1, 2015Founders "
  • "IPO Status PrivateCompany "
  • "Revolut currently supports spending and ATM withdrawals in 120 currencies and sending in 26 currencies directly from the mobile app. The company is based in Wharf, London and was founded in July 2015."
  • "Revolut has raised a total of $336.4M in funding over 12 rounds. Their latest funding was raised on Mar 27, 2019 from a Venture - Series Unknown round."
r

The Business Bank Account Alternative | Revolut

revolut.com
Publication Year: 2019
Quotes
  • "A global business current account for easy international payments, with prepaid business cards and an Open API."
  • "Hold, receive and exchange 29 fiat currencies without any hidden fees"
  • "Transfer money to any other Revolut account (business or personal) instantly and for free. Save on transfer fees when you make payments to businesses around the world."
  • "Our Open API allows you to seamlessly integrate your Revolut business account into your workflow. Use it to automate cross-border business payments, send payouts to clients or employees and monitor transactions according to your business’ needs."
r

Where is Revolut for Business available? | Revolut Help Centre

revolut.com
Publication Year: 2019
Quotes
  • "Revolut for Business is currently available for companies registered and with a physical presence within the European Economic Area (EEA) and Switzerland. This includes the following countries: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom "
r

The Business Bank Account Alternative | Revolut

revolut.com
Publication Year: 2019
Quotes
  • "SPEND IN OVER 150 CURRENCIES AT THE INTERBANK EXCHANGE RATE INSTANT SETTLEMENTS CROSS-BORDER PAYMENTS MULTICURRENCY CARDS INTEGRATIONS BUSINESS OPEN API"

What is Revolut?

bbc.com
Publication Year: 2019
Quotes
  • "It has already attained the status of a tech "unicorn" - a term used to describe private start-ups valued at more than $1bn (£740m)."
  • "As of March, Revolut says it reached 4.5 million customers - 1.6 million customers are located in the UK alone."
  • "Revolut is currently valued at $1.7bn (£1.3bn) from its most recent fundraising. The three-year-old firm's growth has been impressive - its customer numbers trebled to 1.2 million in 2017, while revenues increased five fold to £12.8m. In September, Revolut said 7,000 new accounts were being opened a day, and that it was processing $3bn in transactions a month "

Revolut has 4 million users and prepare to launch a trading service

vivainvest.eu
Publication Year: 2019
Quotes
  • "On 22.2.2019, Revolut achieved 4,000,000 customers. It is signing up over 10,000 new customers every day, compared to around 7,000 day just six months ago. Revolut has boosted its Weekly Active Users (WAU) from 500,000 in July 2018 to over 1.2M in February 2019. Monthly Active Users (MAU) have increased from 900,000 to 1.9M in the same time frame. Revolut’s monthly transaction volume has also increased from $2.4B in July 2018 to over $4.6B per month."

Revolut is riding the record-setting boom in fintech investing

qz.com
Publication Year: 2019
Quotes
  • "Feb. 2019 3.9 million $4 billion 1.8 million Oct. 2018 2.8 million $3 billion 1.2 million "
b

British Business Banks

british-business-bank.co.uk
Publication Year: 2018
Quotes
  • "There are 5.7 million small businesses. The highest UK population ever. "
  • "There were 414,000 startups during 2017-2018, a record. "
  • "Nineteen percent of the UK business population is in London. "

UK Small Business Banking Industry Report (Updated 2018) | Mintel.com

store.mintel.com
Publication Year: 2018
Quotes
  • "Small businesses are the life blood of the UK economy. According to the Department for Business, Energy and Industrial strategy, small businesses account for 99.5% of the total business population, while contributing 39% of total private sector turnover."
h

Hoovers: Revolut

hoovers.com
Publication Year: 2019
Quotes
  • "• REVENUE: $17.31"

Revolut records annual loss but revenue grows fivefold

fintechfutures.com
Publication Year: 2018
Quotes
  • "Challenger banking service Revolut has reported its annual results for the year 2017, with some stark figures: the revenue has increased fivefold to £12.8 million ($16.8 million) from £2.4 million ($3.2 million) and the customer base has trebled to 1.3 million (from 450,000)."
  • "Monthly transactions volumes in 2017 grew from $200 million to $1.5 billion."
c

Craft: Revolut

craft.co
Publication Year: 2019
Quotes
  • "$1.7 B Revolut Mkt valuation £12.8 M Revolut Revenue FY, 2017 Revolut Revenue growth (FY, 2016 - FY, 2017), %443% "

Revolut Company Profile: Valuation & Investors | PitchBook

pitchbook.com
Publication Year: 2019
Quotes
  • "PRIVATESTATUS 701-800EMPLOYEES LATER STAGE VCLATEST DEAL TYPE(Upcoming) $500MLATEST DEAL AMOUNT 21INVESTORS "

Starling Bank | Crunchbase

crunchbase.com
Publication Year: 2019
Quotes
  • "Starling Bank provides a mobile banking application and a debit card that enable users to manage their finances. London, England, United Kingdom Starling Bank provides a mobile banking application and a debit card that enable users to manage their finances. Its application allows users to send money to their friends, save together for trips, and have total control at their fingertips"
  • "Founded Date Jan 1, 2014 Founders Anne Boden Anne Boden founded Starling FS in 2014 that became Starling Bank in July 2016. It has its headquarters in London in the United Kingdom."
  • "IPO Status PrivateCompany "
  • "Starling Bank has raised a total of £233M in funding over 5 rounds. Their latest funding was raised on Mar 27, 2019 from a Venture - Series Unknown round."

Better banking with our mobile bank accounts - Starling Bank

starlingbank.com
Publication Year: 2019

Business account - no monthly fees - apply in-app today - Starling Bank

starlingbank.com
Publication Year: 2019
Quotes
  • "When business owners told us what they wanted from a bank account, we listened. Helpful features, no monthly fees, a super-fast setup and handy integration with accountancy tools are just four of the reasons our business account has won awards. And we’re not going to stop there. "
  • "Who’s it for? Our business account could be right for you if you’re… The owner of a limited company – and you have significant control over it. Not necessarily exclusive control – because we support companies with multiple people of significant control who are directors, too. Self-employed. At the moment, our sole trader account is available exclusively to anyone who has a Starling personal account. "
s

2018 Starling Annual Report

starlingbank.com
Publication Year: 2019
Quotes
  • " 19,000+ Business + sole trader accounts 337,000 personal accounts 21.8 million transactions processed 202 million pounds held on deposit "
  • "In June, Sole Trader accounts were launched. • In July, it launched Joint accounts so that two people can share the Starling experience. • In August, the Bank launched its instalment credit offering, Spread the Cost. • In early September, Marketplace for SME was launched with an impressive pipeline of potential integrations for both personal and business account holders. •"

Starling Bank, now with 460K consumer accounts, raises £75M more for European expansion – TechCrunch

social.techcrunch.com
Publication Year: 2019
Quotes
  • "Starling Bank, now with 460K consumer accounts, raises £75M more for European expansion"
  • "Starling Bank, founded by banking veteran Anne Boden, has raised £75 million (~$97 million) in further funding. The new capital breaks down as £60 million in a Series C round led by Merian Global Investors, including Merian Chrysalis, with £15 million in follow-on funding from Starling’s existing backer and major shareholder Harald McPike. It brings total funding to date for the London-based challenger bank to £133 million."
  • "Meanwhile, breaking with tradition, Starling is formally disclosing its latest customer numbers, presumably now that it has hit a respectable number: the challenger bank now has 460,000 personal current accounts and 30,000 SME accounts, and says it expects to hit one million customers by the end of 2019."
  • "The banking-as-a-service has 20 institutional clients, including the U.K. government, while its payments volume is said to be “doubling month on month.”"
c

Craft: Starling Bank

craft.co
Publication Year: 2019
Quotes
  • "Starling Bank's revenue was reported to be £32 k in FY, 2017"

Starling Bank on Track for 1 Million Customers in 2019

thefintechtimes.com
Publication Year: 2019
Quotes
  • "In November 2018, when we closed our financial year, we had 366,000 personal and 19,000 business accounts and we held £202 million on deposit. Now, just eight months later, we’ve surpassed 775,000 accounts in total: 695,000 retail current accounts, 59,000 business accounts for small and medium-sized enterprises (SMEs) and a further 22,000 retail euro accounts. We’re on track to hit one million accounts before the end of 2019. "
  • "Also in February (it was a busy month), Starling was awarded a £100 million grant from a fund created to increase competition in the market for SME banking. The grant will help us deliver a technology-driven financial proposition to the small and medium-sized businesses that make up the backbone of the UK economy. The award signalled a massive vote of confidence in Starling."
  • "We are targeting a 6.7% share of the SME banking market within five years."
  • "This time last year we had 10,000 SME customers. Growth has been so strong that, by July, we had already surpassed our target for the whole year. Average balances are around £10,000 (£6,000, last year) for limited companies and around £1,600 (£900) for sole traders."
c

Crunchbase: Monzo

crunchbase.com
Publication Year: 2019
Quotes
  • "Monzo is a London-based digital-only bank platform. London, England, United Kingdom"
  • "Founded Date Feb 2015 Founders Gary Dolman, Jason Bates, Jonas Huckestein, Paul Rippon, Tom Blomfield"
  • "Funding Status Late Stage Venture"
  • "IPO Status Private Company "
  • "Monzo has raised a total of £324.7M in funding over 14 rounds. Their latest funding was raised on Jun 25, 2019 from a Series F round."
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Craft: Monzo

craft.co
Publication Year: 2019
Quotes
  • " Market Valuation£2 B2019-06-25 • Total Funding$417.7 M "

The bank of the future

monzo.com
Publication Year: 2019
Quotes
  • "Join our 2,797,950 customers today"

Monzo Business Accounts

monzo.com
Publication Year: 2019
Quotes
  • "The best of Monzo, for your business. A full UK bank account you can open in minutes "
  • "Here are the things we're adding because businesses asked for them. • Help with taxes Coming 2019 We'll put money aside for payments. One day, we'll pay HMRC for you too. • International payments Coming 2019 Pay and get paid by suppliers and customers all from in the Monzo app. • Categorised spending Coming 2019 Sort your payments into categories that suit your business. • Batch payments Coming 2019 Make multiple payments at the same time. Perfect for payroll. • Organised expenses Coming 2019 Mark business expenses with a tap and move them between accounts. • Payments with a link Coming 2019 Use Monzo.me to pay and get paid by simply sharing a link. "

The future of Monzo Business Accounts

monzo.com
Publication Year: 2019
Quotes
  • "We’re starting to work through our waitlist, and offer more business accounts slowly. Thank you so much to all 15,000 of you on our waitlist for bearing with us so far! "

Annual report 2019

monzo.com
Publication Year: 2019
Quotes
  • "2019 We launched a small test of business accounts to 100 sole traders and limited companies. We’re testing business banking We know that the needs of small or medium sized businesses are very different, but traditionally banks have put them all in one category. We’ve started testing business banking with a small number of businesses and we want to offer features that actually help them to achieve their goals"
  • "1,600,000 customers 2/19"
  • "We’ve grown revenue considerably: we’ve just crossed £40m of annual run-rate revenue (based on May 2019 revenue), but there’s still plenty of work to do to get to profitability. Around 30% of active users deposit at least £1,000 per month (our definition of ‘salaried’), up from 13% a year ago."
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Craft: Atom Bank

craft.co
Publication Year: 2019
Quotes
  • "Type Private Founded 2014 HQ Aykley Heads, GB "
  • "Founding Date 2014 Atom Bank total Funding $533.3 m Atom Bank latest funding size $62.36 m Time since last funding a month ago "
  • "Net income (Y, 2016) (23.0m) Market valuation 1.3b "
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Crunchbase: Atom Bank

crunchbase.com
Publication Year: 2019
Quotes
  • "Atom Bank is a mobile banking application that offers a range of personal and business banking products. Atom Bank is a mobile banking application that offers a range of personal and business banking products. Users can log in using face and voice recognition and receive support from a 24/7 customer service team. The application, available on iPad and iPhone devices, was launched in March 2014 and its operations are based in Durham, the United Kingdom."
  • "Durham, Durham, United Kingdom"
  • "Founded Date Mar 2014 Founders Anthony Thomson, David McCarthy, Mark Mullen"
  • "IPO Status Private Company "
  • "Atom Bank has raised a total of £429M in funding over 8 rounds. Their latest funding was raised on Aug 14, 2019 from a Grant round."
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Atom bank. Mortgages and savings accounts on your mobile | Atom

atombank.co.uk
Publication Year: 2019

Atom bank FAQs - here’s what everyone wants to know about us | Atom

atombank.co.uk
Publication Year: 2019
Quotes
  • "Unfortunately not. You can only become a customer if you're a UK resident. If you’re going to reside overseas temporarily, you must let us know as you may have difficulties using and updating our app. If you’re going for 3 years or longer, we’ll need you to close your account."
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Our business lending - simpler, transparent loans for your SME | Atom

atombank.co.uk
Publication Year: 2019
Quotes
  • " Business lending made simple Transparent lending decisions in days not weeks, so you can stop worrying and get on with running your business. Talk to an intermediary to see if we’re right for you. Find a broker "
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Atom Annual Report 2019

atombank.co.uk
Publication Year: 2019
Quotes
  • "We’re Atom bank. Founded in 2014 and the UK’s first bank built exclusively for mobile, we’re a passionate bunch based in the North East of England"
  • "October 2018 Reached 65,000 customers October 2018 £1.8bn in retail deposits November 2018 £2.0bn in completed mortgages "
  • "In the coming year we will significantly broaden the appeal of both our personal and business banking offer by introducing new products and by investing in automation (the latter point particularly relevant to business banking). "
  • "Today, Atom’s business model centres on offering retail banking products to savers, homeowners and business owners. We use the money that our savings customers deposit with Atom to fund loans to small businesses and homeowners in the UK. These loans are distributed UK-wide by our intermediary partner networks who offer whole-of-market advice to customers. We receive income from these loans and pay interest to customers who have entrusted their savings with us"
  • "Business Banking Secured Lending (BBSL) Business banking continued to grow steadily to £183m (2018: £138m). This is slower than desired but we have made growing and developing this proposition a significant focus for the year ahead. The existing book continues to deliver strong returns with minimal credit losses."

Business | Soldo Business

soldo.com
Publication Year: 2019
Quotes
  • "40,000+ businesses trust Soldo for spending and expenses "
  • "Soldo isn’t just for small business, it’s for all business. Soldo scales from one card to any number, matching the structure of your organisation with wallets for departments or individuals, which fund cards for teams, employees or contractors. Though our software is intuitive and easy to use, powerful reporting is made possible by smart filters and granular transaction data. So, whether your business has two employees or 20,000, Soldo can help you gain visibility and control over spending, while simplifying expenses. If your company has more than 100 employees, discover our tailored offer for enterprises on the dedicated website."
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Crunchbase Soldo

crunchbase.com
Publication Year: 2019
Quotes
  • "Soldo integrates prepaid Mastercard® cards, a web-based administration console and a mobile app into one intuitive future-ready platform. Soldo was founded by a group of tech veterans and payment pioneers who refused to accept the inefficient and fragmented state of business spending in the 21st century. With decades of experience in payment services and transactional system development, the team didn’t just slap a brand on an ‘easy’ solution or quick-fix. Instead, they invested heavily in the creation - from scratch - of a world-class technological, regulatory and operational platform. Soldo’s rock-solid innovation and talented team has attracted in excess of $20 million, in both Seed and Series A funding. Soldo’s Series A round was completed in June 2017 and led by Accel Partners, with participation from Connect Ventures, InReach Ventures, U-Start and R204 Partners. Sonali de Rycker, Partner at Accel, has joined Soldo’s board."
  • "Founded Date Jan 1, 2015 Founders Carlo Gualandri"
  • "Soldo has raised a total of $83.2M in funding over 6 rounds. Their latest funding was raised on Jul 8, 2019 from a Series B round. "
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Crunchbase Mettle

crunchbase.com
Publication Year: 2019
Quotes
  • "The free business account by NatWest that helps you get ahead today. For small businesses, sole traders and freelancers. "
  • "Founded Date Nov 5, 2018"

Mettle business account – apply in minutes | Mettle

mettle.co.uk
Publication Year: 2019
Quotes
  • "Is Mettle right for you? You're a limited company with up to two owners ─ or are a sole trader You have a balance of less than £50k ─ we're looking to increase this to £100k You have an iPhone. Our Android app is coming soon"
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Crunchbase Tide

crunchbase.com
Publication Year: 2019
Quotes
  • "Tide is a fintech and banking company that gives time back to business owners, so they can get back to doing what they love. "
  • "Founded Date 2015 Founders George Bevis"
  • "Banking that saves business owners time, so they can get back to doing what they love. Tide is not a bank. It's better. Business owners like us. 1 in 12 of all new business current accounts opened in the UK were with Tide, less than a year after launch. They believe the world would be a better place if more people did what they loved. And that’s why they’re building Tide."

Tide Business Current Account | Get a business account in minutes

tide.co
Publication Year: 2019

Start-up business bank Tide doubles accounts as it eyes new funding

telegraph.co.uk
Publication Year: 2018
Quotes
  • "Tide, a mobile-only banking start-up that targets SME customers, has secured 56,000 banking customers, around 1pc of all SME accounts in the UK. "
  • "In August, Tide secured £8m of top up investment with new investors Augmentum joining its current venture capital backers. The start-up is understood to be planning to raise further funding which could be worth tens of millions of pounds. "