iFX EXPO: A Tour Around the World
- 05 Jul, 2023
Other
Description
BABB is a world bank for the micro-economy: a global marketplace for human innovation, financial autonomy and wealth creation. BABB stands for Bank Account Based Blockchain.
Overview
| Type: | Private |
| Funding Status: | Equity Crowdfunding |
| Foundation year: | 2017 |
| Location: | London, England, United Kingdom |
| Number of employees: | 11-50 |
| Founders: | Rushd Averroes |
| Website: | https://getbabb.com/ |
Target geographic market:
Europe
About Product/Service
| Product cost | - |
|---|
Key people
Funding rounds
| Last Funding Type | Equity Crowdfunding |
|---|
Financials
| Customer/Products segments | Cryptocurrencies, Blockchain, Banking |
|---|
Tech stack
Competitors
| Founding Date | Type | Tags |
Reviews
Related News
Description
Millions of adults do not have access to an arranged overdraft and changing regulations could cause those many millions of consumers to lose access to any unarranged overdraft facility currently offered by their primary bank, meaning their payments will begin to be rejected, leading to failed payments. Fiinu will change the short term borrowing landscape by offering an innovative solution connected to a customer’s primary bank account via the “Open Banking” directive. Using Fiinu’s credit product has the potential to improve an individual’s credit score and will provide an alternative to using high-cost short-term credit which can have a damaging effect on their credit file and/or lenders credit decisions. Company's aim is to help millions of people better manage and stay in control of their finances.
Overview
| Type: | Private |
| Funding Status: | Equity Crowdfunding |
| Foundation year: | 2017 |
| Location: | Weybridge, Surrey, United Kingdom |
| Number of employees: | 11-50 |
| Founders: | Marko Sjoblom |
| Website: | https://fiinu.com/ |
Target geographic market:
Europe
About Product/Service
| Products | Loans, overdrafts |
|---|---|
| Regulators/Compliance | Fiinu is in the pre-application phase to obtain necessary licenses from the UK regulatory authorities |
| Product cost | - |
|---|---|
| (a) a personal account | Yes |
Key people
Funding rounds
| Last Funding Date | Dec 18, 2018 |
|---|---|
| Last Funding Amount | £563.1K |
| Last Funding Type | Equity Crowdfunding |
| Total Funding Amount | £563.1K |
| Number of Funding Rounds | 1 |
Financials
| Customer/Products segments | Lending, Overdrafts, Personal Finance, Open Banking, AI, ML, blockchain |
|---|---|
| Banking license | Fiinu is in the pre-application phase to obtain necessary licenses from the UK regulatory authorities |
| Type of customers | Individuals |
| Number of investors | N/A |
| Number of lead investors | N/A |
Tech stack
Competitors
| Founding Date | Type | Tags |
Reviews
Related News
Description
OakNorth is a credit science platform that leverages machine learning, decades of credit expertise and massive data sets to model a forward-looking view of a borrower’s financial situation, that’s informed by industry benchmarks, macroeconomic drivers, and scenario analysis specific to that business.
Overview
| Type: | Private |
| Foundation year: | 2015 |
| Location: | London, England, United Kingdom |
| Number of employees: | 501-1 000 |
| Founders: | Rishi Khosla, Joel Perlman |
| Website: | https://www.oaknorth.co.uk/ |
Target geographic market:
Europe
About Product/Service
| Products | Personal Savings/Business Savings (Fixed Term Savings, Notice Accounts, Easy Access Accounts); Business Loans (Property Finance, Coronavirus Business Interuption Loan Scheme, Coronavirus Large Business Interuption Loan Scheme) |
|---|---|
| Core product offerings for individual/retail customers | Business Loans |
| Pricing | Personal Savings (Fixed Term Savings: 0.43%-0.69% AER/gross, term: between 6 to 60 months; Notice Accounts: 0.40%-0.58% AER/gross (variable), term: 35,90 and 120 days; Easy Access Accounts: 0.20% AER/gross (variable), term: next-day access) / Business Savings (Fixed Term Savings: 0.35%-0.50% AER/gross, term: between 6 to 12 months; Notice Accounts: 0.30%-0.50% AER/gross (variable), term: 35,60, 95 and 120 days; Easy Access Accounts: 0.15% AER/gross (variable), term: next-day access) |
| The Base Currency | £ (GBP) |
| (a) a personal account | Yes |
|---|---|
| (b) a business account | Yes |
Key people
Funding rounds
| Last Funding Date | Feb 8, 2019 |
|---|---|
| Last Funding Amount | $440M |
| Total Funding Amount | over $848M |
Financials
| Customer/Products segments | Lending, Savings |
|---|---|
| Banking license | OakNorth secured a full banking licence from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in March 2015 and began deposit taking and lending six months later. |
| Type of customers | Individuals, Businesses |
| Number of investors | 4 |
| Number of lead investors | 4 |
| Names of lead investors | Hurstwood, Signet Hotel Group, Kolte-Patil Developers, Bright Minds Daycare |
Tech stack
Competitors
| Founding Date | Type | Tags |
Reviews
Related News
Description
N26 was founded in 2013 by Valentin Stalf and Maximilian Tayenthal with the vision to transform the way we manage money, and allow us to bank the way we live. Today, N26 has reimagined banking for the smartphone, and continues to make banking simple, accessible and transparent for all. With a full European banking license, state-of-the-art technology and no branch network, this is banking redesigned for the 21st century.
Overview
| Type: | Private |
| Funding Status: | Series D |
| Foundation year: | 2013 |
| Location: | Berlin, Germany |
| Number of employees: | 1001-5000 |
| Founders: | Maximilian Tayenthal, Valentin Stalf |
| Website: | https://n26.com/ |
Target geographic market:
Europe, the U.S.
Awards:
World Finance Digital Banking Awards 2019: Best Mobile Apps (in Germany) and Best Consumer Digital Banks (in Germany); World Finance Digital Banking Awards 2018: Best Digital Bank in Germany
About Product/Service
| Products | Current accounts, Savings accounts, Time deposit accounts, Debit cards, Credit cards, Consumer loans (2.99 - 7.80 %), Car loans (2.99 - 7.80 %) |
|---|---|
| Core product offerings for individual/retail customers | Current account |
| Core product for bussiness customers | Business Account Starter Plan, Business Smart, Business You, Business Metal |
| Pricing | Personal account: N26 Standard (The free online bank account) - €0.00/month; N26 Smart (The bank account that gives you more control) - €4.90/month; N26 You (The debit card for everyday and travel) - €9.90/month; N26 Metal (The premium account with a metal card) - €16.90/month / Business account: Business (The free online business bank account) - €0.00/month; Business Smart (The intelligent business bank account) - €4.90/month; Business You (The business bank account with insurance) - €9.90/month; Business Metal (The business bank account with cashback) - €16.90/month |
| The Base Currency | € (Euro) |
| Number of Currencies Supported | Any currency |
| Product cost | N26 Standard (Personal/Business account) - €0.00/mo |
|---|---|
| Openning a current account (business and personal) | Free |
| Money transfers/payments | Free for all Plans |
| ATM withdrawals | N26 Standard (Personal/Business account): up to 3 free withdrawals in the Eurozone |
| Other | Card provider: Mastercard |
| (a) a personal account | Yes |
| (b) a business account | Yes |
Key people
Funding rounds
| Last Funding Date | May 5, 2020 |
|---|---|
| Last Funding Amount | $100M |
| Last Funding Type | Series D |
| Total Funding Amount | $782.8M |
| Number of Funding Rounds | 8 |
Financials
| Customer/Products segments | Individual/ Retail Current Accounts, Business Current Account, Credit Mastercard, Remittance/International Transfers, Lending, Savings, Insurance |
|---|---|
| Key product offering | Personal/Business Current Account |
| Banking license | Full European banking license |
| Type of customers | Individuals, businesses |
| Estimated revenue | $50M to $100M |
| Number of investors | 16 |
| Number of lead investors | 6 |
| Names of lead investors | Allianz X, Valar Ventures, Earlybird Venture Capital, Horizons Ventures, Insight Partners, Tencent Holdings |
Tech stack
Competitors
| Founding Date | Type | Tags |
Reviews
Related News
Description
Dave is a leading US challenger bank on a mission to put everyone’s financial mind at ease with free overdraft cash, budgeting and side gigs.
Overview
| Type: | Private |
| Funding Status: | Series B |
| Foundation year: | 2016 |
| Location: | Los Angeles, California, United States |
| Number of employees: | 101-250 |
| Founders: | Jason Wilk, John Wolanin, Paras Chitakar |
| Website: | https://dave.com/ |
Target geographic market:
North America
About Product/Service
| Core product offerings for individual/retail customers | Checking Account |
|---|---|
| Regulators/Compliance | Every account is protected by banking-level security and FDIC-insured up to $250,000 |
| The Base Currency | $ (USD) |
| Openning a current account (business and personal) | Free |
|---|---|
| Monthly fees | $1 |
| Issuing physical card and delivery | Free |
| Money transfers/payments | Free |
| ATM withdrawals | Free |
| Overdrafts | The account doesn't charge overdrafts while still allowing digital bill payments (sends checks on your behalf) |
| (a) a personal account | Yes |
Key people
Funding rounds
| Last Funding Date | Sep 30, 2019 |
|---|---|
| Last Funding Amount | $50M |
| Last Funding Type | Series B |
| Total Funding Amount | $73M |
| Number of Funding Rounds | 5 |
Financials
| Customer/Products segments | Banking, Payments, Personal Finance |
|---|---|
| Type of customers | Individuals |
| Number of investors | 15 |
| Number of lead investors | 1 |
| Names of lead investors | Norwest Venture Partners |
Tech stack
Competitors
| Founding Date | Type | Tags |
Reviews
Related News
Description
Varo is a digital bank that offers innovative, premium banking services wrapped in inclusive design. Varo was founded to make a powerful impact on systemic financial inequality that Americans have experienced for generations—and Varo’s founders knew that to tackle this head on, we needed to be a chartered national bank.
Overview
| Type: | Private |
| Funding Status: | Series D |
| Foundation year: | 2015 |
| Location: | San Francisco, California, United States |
| Number of employees: | 251-500 |
| Founders: | Assaf Guery, Colin Walsh, Mykola Klymenko, Roger Van Duinen |
| Website: | https://www.varomoney.com/ |
Target geographic market:
North America
About Product/Service
| Products | Bank account, Checking accounts, savings accounts, debit cards, peer to peer payments, fee-free overdraft |
|---|---|
| Core product offerings for individual/retail customers | Bank Account |
| The Base Currency | USD |
| Product cost | No monthly fees |
|---|---|
| Openning a current account (business and personal) | Free |
| Money transfers/payments | No transfer fees; No foreign transaction fees |
| ATM withdrawals | No fees at 55,000+ Allpoint® ATMs in places you already shop. Deposit cash at 90,000+ retail locations using Green Dot ReloadⓇ. An out-of-network ATM charged only. |
| Other | Customer's bank deposits are FDIC insured up to $250,000 |
| Minimum USD deposit required to open (a) a personal account (b) a business account | There is no minimum balance required to open a Varo Bank Account |
| (a) a personal account | Yes |
| (b) a business account | No |
Key people
Funding rounds
| Last Funding Date | Jun 3, 2020 |
|---|---|
| Last Funding Amount | $241M |
| Last Funding Type | Series D |
| Total Funding Amount | $419.4M |
| Number of Funding Rounds | 6 |
Financials
| Customer/Products segments | Online banking |
|---|---|
| Key product offering | Bank Account |
| Banking license | Varo Bank has been granted its full-service U.S. national bank charter on July 31, 2020. |
| Type of customers | Individuals |
| Number of customers | over 1 million customers |
| Number of investors | 12 |
| Number of lead investors | 5 |
| Names of lead investors | Paul Hewson (Bono), The Rise Fund, Jeffrey S. Skoll, Gallatin Point Capital, Warburg Pincus |
Tech stack
Competitors
| Founding Date | Type | Tags |
Reviews
Related News
Description
Chime is a fintech company that helps its members avoid bank fees, save money automatically, and lead healthier financial lives. Chime’s business was built on the principle of protecting its members and helping them get ahead. Chime earns a small amount from Visa (paid by the merchant).
Overview
| Type: | Private |
| Funding Status: | Series F |
| Foundation year: | 2013 |
| Location: | San Francisco, California, United States |
| Number of employees: | 501-1000 |
| Founders: | Chris Britt, Ryan King |
| Website: | https://www.chime.com/ |
Target geographic market:
North America
About Product/Service
| Products | Online/Mobile Banking, Fee-Free Overdraft, Automatic Savings, Mobile Payments, Security and Control |
|---|---|
| Core product offerings for individual/retail customers | Spending Account |
| Regulators/Compliance | All Chime accounts are FDIC insured up to the standard maximum $250,000 per depositor, for each ownership category, in the event of a bank failure, through its partner banks, Stride Bank, N.A. (FDIC# 4091) or The Bancorp Bank (FDIC# 35444). |
| The Base Currency | $ (USD) |
| Product cost | Free |
|---|---|
| Openning a current account (business and personal) | Free |
| Monthly fees | No monthly fees |
| Issuing physical card and delivery | Visa Debit Card |
| Money transfers/payments | Free |
| ATM withdrawals | Access to over 38,000 fee-free MoneyPass and Visa Plus Alliance ATMs throughout the United States; Free cash withdrawal. But Chime does charge $2.50 per transaction at out-of-network ATMs. |
| Overdrafts | No overdraft fees |
| Other | High fees to deposit cash. No physical bank branches. Chime does not offer a prepaid debit card, however, Chime offers a full-featured deposit account that is a great alternative to prepaid cards. |
| Minimum USD deposit required to open (a) a personal account (b) a business account | No minimum balance requirement |
| (a) a personal account | Yes |
| (b) a business account | No |
Key people
Funding rounds
| Last Funding Date | Sep 18, 2020 |
|---|---|
| Last Funding Amount | $533.8M |
| Last Funding Type | Series F |
| Total Funding Amount | $1.5B |
| Number of Funding Rounds | 8 |
Financials
| Customer/Products segments | Online/Mobile Banking, Overdrafts, Savings, Payments/Remittances, Security |
|---|---|
| Banking license | Chime does not have a banking license but instead works with Bancorp Bank as its bank partner. Visa issues Chime's debit card. |
| Type of customers | Individuals |
| Number of investors | 24 |
| Number of lead investors | 5 |
| Names of lead investors | DST Global, Menlo Ventures, Cathay Innovation, Aspect Ventures, Crosslink Capital |
| M&A | Chime has acquired Pinch on Sep 17, 2018 |
Tech stack
Competitors
| Founding Date | Type | Tags |
Reviews
Related News
Description
Alpian is an innovative Swiss financial services company incubated by the private bank REYL & Cie. It is pioneering a digital experience that combines everyday banking services, a personal wealth management offering, and tailored investment products – all within an easy-to-access app.
Overview
| Type: | Private |
| Funding Status: | Series A |
| Foundation year: | 2019 |
| Location: | Geneva, Switzerland |
| Number of employees: | 11-50 |
| Founders: | Aamir Ahmad, Alessandro Sbrizzi, Gianmarco Bonaita, Marion Owczarczak-Fogli, Schuyler Weiss |
| Website: | https://alpian.com/ |
Target geographic market:
Europe
About Product/Service
| Products | Alpian's aim is to launch to market in 2021 |
|---|---|
| Differentiating features of product | The Alpian strategy is governed by its own management team, with the goal of becoming the only mobile-first digital bank that offers banking and private banking services in the Swiss market. These services will be aimed at the mass affluent client segment and will include tailored investment products for clients, informed by the team’s knowledge and digital face-to-face access to experienced financial advisors. Alpian aims to create an innovative new banking offering, tailored to the mass affluent population (those with investible assets of between CHF 100k – 1 million) in Switzerland, worth an estimated CHF 660 billion. Independent market research, which informed Alpian’s core business model, demonstrates how existing retail and private banking providers do not fully address the fundamental needs of this segment. Amongst the affluent demographic, the research found that 40% are looking for a new bank and 70% would be open to using a bank with no branches at all. Alpian’s core offerings will include tailored investment boutique products, secure digital face-to-face access to experienced financial advisors, and simplified, transparent everyday banking services. Through a modernistic digital interface, Alpian will leverage proprietary and disruptive technology to develop scalable, personalised private banking. Benefiting from REYL’s 40+ years of banking and wealth management experience, and a team of forward-thinking innovators at Alpian, the company aims to compete on an equal footing with other established banks. |
| Product cost | N/A |
|---|
Key people
Funding rounds
| Last Funding Date | May 6, 2020 |
|---|---|
| Last Funding Amount | CHF12.2M |
| Last Funding Type | Series A |
| Total Funding Amount | CHF12.2M |
| Number of Funding Rounds | 2 |
Financials
| Customer/Products segments | Individual/Retail Current Accounts, Wealth Management |
|---|---|
| Major shareholders | Reyl & Cie |
| Banking license | Alpian has recently applied for a full banking license from Swiss regulator, FINMA |
| Type of customers | Retail customers (residents and non-residents) |
| Number of investors | 1 |
| Names of lead investors | Reyl & Cie |
Tech stack
Competitors
| Founding Date | Type | Tags |
Reviews
Related News
Description
Current's CEO Stuart Sopp founded Current with the belief that banking should be accessible and affordable for everyone. Current brings premium financial services to everyone with a variety of modern lifestyles to help improve their financial outcomes.
Overview
| Type: | Private |
| Funding Status: | Series B |
| Foundation year: | 2015 |
| Location: | New York, New York, United States |
| Number of employees: | 51-100 |
| Founders: | Stuart Sopp |
| Website: | https://current.com/ |
Target geographic market:
U.S.
About Product/Service
| Products | Mobile banking, Payments, Savings, Teen Banking, Money management |
|---|---|
| Core product offerings for individual/retail customers | A mobile-only checking account (App) |
| Regulators/Compliance | Current is a member of the US’s FDIC through Current’s issuing bank, Choice Financial Group, meaning they have the standard insurance coverage limit of $250,000 per depositor |
| Valuation | Current has a post-money valuation of $75M as of Oct 24, 2019, according to PrivCo |
| Pricing | Personal Accounts: $0 to $4.95/month / Teen Banking: $36/year per teen |
| The Base Currency | $ (USD) |
| Product cost | Basic: $0/mo; Premium: $4.99/mo |
|---|---|
| Money transfers/payments | Foreign transaction fee: 3% |
| ATM withdrawals | $0, 55,000 Fee-Free ATMs, Anywhere Visa is accepted; Out-of-network ATM fee: $2.50 |
| Overdrafts | Free |
| Minimum USD deposit required to open (a) a personal account (b) a business account | $0 |
| (a) a personal account | Yes |
Key people
Funding rounds
| Last Funding Date | Oct 24, 2019 |
|---|---|
| Last Funding Amount | $31.2M |
| Last Funding Type | Series B |
| Total Funding Amount | $51.4M |
| Number of Funding Rounds | 2 |
Financials
| Customer/Products segments | Banking, payments, savings, money management |
|---|---|
| Key product offering | A mobile-only checking account (App) |
| Banking license | The Current card is issued by Choice Financial Group (Member FDIC) pursuant to a license from Visa U.S.A. Inc. |
| Type of customers | Individuals |
| Number of investors | 10 |
| Number of lead investors | 2 |
| Names of lead investors | Wellington Management, QED Investors |
Tech stack
| The technologies that underpin a platform (FX, identity, infrastructure, security, payments gateways, business systems, APIs, etc.) | Current Core |
|---|---|
| Devices supported | iOS, Android |
| Languages | English |
Competitors
| Founding Date | Type | Tags |
Reviews
Related News
Description
ClearBank is the UK’s first new clearing bank in more than 250 years. Built from scratch, unencumbered by the entrenched legacy platforms that inhibit other banks from delivering the simplicity that modern customers have come to expect. ClearBank’s cutting-edge technology is transforming the clearing and agency banking experience, making transactions as efficient, fast and cost-effective as they can and should be.
Overview
| Type: | Private |
| Funding Status: | Grant |
| Foundation year: | 2014 |
| Location: | London, United Kingdom |
| Number of employees: | 101-250 |
| Founders: | Andrew Smith, Nick Ogden |
| Website: | https://www.clear.bank/ |
Target geographic market:
Europe
Awards:
The British Bank Awards: The Pioneer Award (March 2020); FStech Awards 2018: Most Disruptive Financial Sector Technology (March 2018); Payment awards 2017: Clearing or Settlement Initiative of the Year; 2017 Tech Leader Award
About Product/Service
| Products | Operating Account, Client Account, Segregation Account, FSCS Bank Account Solutions, Virtual Account Solutions, Bacs Clearing, Bacs Direct Debit Origination, CHAPS, Fster Payments, API, Portal |
|---|---|
| Core product offerings for individual/retail customers | Business Current Account |
| Regulators/Compliance | ClearBank Ltd. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568). ClearBank Limited participates in the deposit guarantee scheme of the United Kingdom. This deposit guarantee scheme applies to current accounts, savings accounts, time deposit accounts made by private individuals, companies and covers up to up to 85,000 GBP per bank per depositor. ClearBank Limited is a member of Financial Services Compensation Scheme (FSCS) and makes its contributions into it. |
| Number of Currencies Supported | Over 30 multi-currency accounts (since Autumn 2020) |
| Product cost | - |
|---|---|
| (a) a personal account | No |
| (b) a business account | Yes |
Key people
Funding rounds
| Last Funding Date | Feb 22, 2019 |
|---|---|
| Last Funding Amount | £60M |
| Last Funding Type | Grant |
| Total Funding Amount | £60M |
| Number of Funding Rounds | 1 |
Financials
| Customer/Products segments | Business Accounts, Remittance/International Money Transfers, Solutions, Connectivity |
|---|---|
| Key product offering | current accounts; savings accounts; time deposit accounts |
| Banking license | ClearBank has a full UK banking license and is regulated by the Bank of England, the Prudential Regulation Authority, the Financial Conduct Authority and the Payment Services Regulator. |
| Type of customers | Businesses |
| Estimated revenue | $1M to $10M |
| Number of investors | 2 |
| Number of lead investors | 1 |
| Names of lead investors | Capability and Innovation Fund |
Tech stack
Competitors
| Founding Date | Type | Tags |
Reviews
Related News
