Other
Description
Tide is a business banking platform dedicated to helping small businesses save time and money on their banking and admin. The Tide platform consists of a current account that is highly connected to admin tools that help small businesses with their expenses, invoicing, accounting, applying for credit, and more.
Overview
| Type: | Private |
| Funding Status: | Series B |
| Foundation year: | 2015 |
| Location: | London, United Kingdom |
| Number of employees: | 251-500 |
| Founders: | George Bevis |
| Website: | https://www.tide.co/ |
Target geographic market:
Europe
Awards:
LinkedIn’s top 10 hottest UK companies to work for; Best Use of Technology (Growth Finance Awards); Best Banking Provider (Contracting Awards); Innovative Product of the Year (Growth Finance Awards); Sunday Times Top 100 FinTech Disruptors; The Startups 100
About Product/Service
| Products | The Smart Business Current Account, Features, Accounting Integrations, Apple Pay, Member Perks, Company Registration, Accounting Partners, Tide Plus Cashback, Company Expense Cards |
|---|---|
| Core product offerings for individual/retail customers | Business Current Account |
| Regulators/Compliance | Tide is not a bank, the Tide current account is an e-money account provided by Prepay Solutions (PPS), a trading name of Prepay Technologies Ltd which is an electronic money institution authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN 900010) for the issuing of electronic money. PPS holds an amount equivalent to the money in Tide current accounts in a safeguarding account which gives customers protection against PPS’ insolvency. Tide also offers bank accounts provided by ClearBank (ClearBank® Ltd. is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 754568). |
| Pricing | Tide Free plan: £0/mo; Team & accountant read access, scheduled payments, accounting integration, hold up to 5 business accounts; In/out transfers (Faster Payments, CHAPS, BACs, Direct Debits) 20p each; Basic in-app support; Limited phone support; No legal helpline Tide Plus plan: £9.99 + VAT/mo; Team & accountant read access, scheduled payments, accounting integration, hold up to 5 business accounts; 20 free in/out transfers (Faster Payments, CHAPS, BACs, Direct Debits) a month, then 20p each; Priority in-app support; 24/7 phone support; 24/7 legal helpline |
| The Base Currency | £ (GBP) |
| Product cost | Card Payments: UK and abroad FREE; Transfers in and out of accounts: 20p; Transfers between Tide accounts: FREE; ATM cash withdrawals: £1; Replacement cards: FREE; Cash Deposits: £1 Post Office, 3% PayPoint |
|---|---|
| Openning a current account (business and personal) | Free |
| Monthly fees | Free |
| Money transfers/payments | Free. Invoice payments count as a transfer (20p each on Free plan) |
| ATM withdrawals | £1 (UK & abroad) |
| Overdrafts | No |
| Other | Transfers between Tide accounts: Free |
| Minimum USD deposit required to open (a) a personal account (b) a business account | £1 Post Office, 3% PayPoint |
| (a) a personal account | No |
| (b) a business account | Yes |
Key people
Funding rounds
| Last Funding Date | Oct 6, 2019 |
|---|---|
| Last Funding Amount | £60M |
| Last Funding Type | Series B |
| Total Funding Amount | $114.8M |
| Number of Funding Rounds | 6 |
Financials
| Customer/Products segments | Banking, Payments, Accounting, Invoicing |
|---|---|
| Key product offering | The Smart Business Current Account, Features, Accounting Integrations, Apple Pay, Member Perks, Company Registration, Accounting Partners |
| Major shareholders | Augmentum Fintech,SBI Group |
| Banking license | Account provided by ClearBank |
| Type of customers | Retail customers (residents and non-residents), SMEs |
| Number of investors | 16 |
| Number of lead investors | 7 |
| Names of lead investors | Augmentum Fintech, SBI Group, Speedinvest, Goodwater Capital, Anthemis Group, Creandum, Passion Capital |
Tech stack
Competitors
| Founding Date | Type | Tags |
Reviews
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Description
Tandem is building a bank and financial management universe, focused on freeing users from financial stress by making money simple.
Overview
| Type: | Private |
| Funding Status: | Venture Round |
| Foundation year: | 2013 |
| Location: | London, United Kingdom |
| Number of employees: | 51-100 |
| Founders: | Matt Cooper, Michael Kent, Ricky Knox |
| Website: | https://www.tandem.co.uk/ |
Target geographic market:
Europe
Awards:
Moneynet Awards 2019: Best New Credit Card; CFI.co’s Awards Programme: Best Neo Bank UK 2019 (May 2019); The Consumer Credit Awards: “Best Credit Card Provider” and “Innovation of the Year” (July 2019); The Paytech Awards: “Best Cards Initiative” (July 2019)
About Product/Service
| Products | Current accounts, savings accounts, time deposit accounts, credit cards |
|---|---|
| Core product offerings for individual/retail customers | UK Current account |
| Regulators/Compliance | Tandem Money Limited (FRN: 684908) is authorised and regulated by the Financial Conduct Authority. Tandem Bank Limited (FRN: 204479) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Money protected to £85,000 by the FSCS. |
| The Base Currency | £ (GBP) |
| Product cost | - |
|---|---|
| Openning a current account (business and personal) | Be 18 or older; Be a UK resident, and have three years of address history in the UK |
| Issuing physical card and delivery | within 3-7 working days |
| ATM withdrawals | 2.5% or a minimum of £2.50. Interest is charged from the day the cash withdrawal is processed. There are no fees on cash withdrawals abroad. You can withdraw up to 30% of your credit limit, and not more than £500 per day. |
| Minimum USD deposit required to open (a) a personal account (b) a business account | £1,000 |
| (a) a personal account | Yes |
Key people
Funding rounds
| Last Funding Date | Mar 9, 2020 |
|---|---|
| Last Funding Amount | £60M |
| Last Funding Type | Venture Round |
| Total Funding Amount | £134.3M |
| Number of Funding Rounds | 5 |
Financials
| Customer/Products segments | Credit: Mastercard, Individual/ Retail Current Accounts, Remittances/International Transfers |
|---|---|
| Key product offering | Journey Credit Card, Fixed Saver account |
| Banking license | Tandem has obtained a UK banking license after it acquired Harrods Bank, the banking arm of luxury department store Harrods, in early 2018. |
| Type of customers | Retail customers |
| Number of investors | 11 |
| Number of lead investors | 2 |
| Names of lead investors | Convoy Global Holdings, Qatar Investment Authority |
| M&A | Tandem has acquired pariti on Mar 13, 2018 and Allium Money on Aug 24, 2020 |
Tech stack
Competitors
| Founding Date | Type | Tags |
Reviews
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Description
Revolut is a digital banking alternative for instant payment notification and free international money transfers and global fee-free travel.
Overview
| Type: | Private |
| Funding Status: | Series D |
| Foundation year: | 2015 |
| Location: | London, England, United Kingdom |
| Number of employees: | 1001-5000 |
| Founders: | Nikolay Storonsky, Vladyslav Yatsenko |
| Website: | https://www.revolut.com/ |
Target geographic market:
Europe
Awards:
The British Bank Awards: Innovation of the Year (March 2020); World Finance Digital Banking Awards 2018: Best Digital Bank in the UK
About Product/Service
| Products | UK current accounts, EURO current accounts with IBAN, prepaid cards, virtual prepaid cards, cryptocurrency exchange, cryptocurrency transfers between Revolut users |
|---|---|
| Core product offerings for individual/retail customers | UK Personal/Business Current Account |
| Differentiating features of product | Revolut has a few features no other banking app offers: namely, a multi-currency account, fee-free international money transfers, cryptocurrencies and an insurance option that can be added on the go. |
| Core product for bussiness customers | 1. UK and EU accounts. Can hold 29 currencies. 2. App-based banking. Freeze the card on the go, get instant notifications, categorise and visualise your spending. 3.Fee-free international money transfers. 4. Fee-free spending abroad. 5. Put money aside in a Vault to save towards a goal. 6. Travel and device insurance can be added (and paid by the day, with great flexibility). |
| Regulators/Compliance | GDPR, PSD2, SCA, RTS, AMLD5/CFT policies, CRR, PPI, MiFIDll, Basel III, SEPA, IFR |
| The Base Currency | £ (GBP) |
| Number of Currencies Supported | Over 30 |
| Product cost | Revolut Standard: £0/mo; Revolut Premium: £6.99/mo; Revolut Metal: £12.99/mo |
|---|---|
| Openning a current account (business and personal) | Free |
| Issuing physical card and delivery | £4.99 or currency equivalent for standard delivery, £11.99 or currency equivalent for express delivery to the UK ,€19.99 or currency equivalent for express delivery outside the UK The delivery charge may be more depending on where you are sending the card |
| Currency exchanges | 0.5% markup on all currency exchanges done during the weekend |
| ATM withdrawals | 2% fee on ATM withdrawals after the first £200 each month |
| (a) a personal account | Yes |
| (b) a business account | Yes |
Key people
Funding rounds
| Last Funding Date | Jul 24, 2020 |
|---|---|
| Last Funding Amount | $80M |
| Last Funding Type | Series D |
| Total Funding Amount | $917M |
| Number of Funding Rounds | 16 |
Financials
| Customer/Products segments | Business Accounts, Business Lending, Consumer Lending, Credit Card:Visa, FX, Individual/Retail Accounts, Mortgages (Residential), Overdrafts, Remittance/International Transfers, Multi-Currency Accounts, Cryptocurrency, P2P Payments, Insurance |
|---|---|
| Key product offering | Personal accounts (Standard, Premium, Metal, Junior); Business Accounts: Revolut Business |
| Major shareholders | TSG Consumer Partners, TCV, Future Fifty, DST Global, Index Ventures, TriplePoint Capital, Mastercard Start Path, Balderton Capital |
| Banking license | The app was granted a European banking licence by the Bank of Lithuania in 2018, but in the UK has operated as an FCA authorised e-money institution. In 2020 applied to UK banking license |
| Type of customers | Individuals, businesses |
| Number of customers | Over 12M personal customers, over 500k business customers, over 35 countries supported |
| Estimated revenue | $50M to $100M |
| Number of investors | 39 |
| Number of lead investors | 8 |
| Names of lead investors | TSG Consumer Partners, TCV, Future Fifty, DST Global, Index Ventures, TriplePoint Capital, Mastercard Start Path, Balderton Capital |
Tech stack
| The technologies that underpin a platform (FX, identity, infrastructure, security, payments gateways, business systems, APIs, etc.) | open source platform, Docker, Git Hub, Git, Stripe, AWS cloud, React, Phyton, Cloudflare, APIs, mobile apps - Android and iOS. Apple Pay and Google Pay, biometrics tech powered by Onfido |
|---|---|
| Devices supported | iOS, Android |
| Languages | English |
Competitors
| Founding Date | Type | Tags |
Reviews
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Description
Monzo (previously Mondo) is a digital, mobile-only bank in the UK. Monzo offers a high-tech banking app and credit card. It gives users instant balance updates and offers to its clients a range of intelligent notifications such as tracking recurring payments and providing summaries of exactly where their money goes each month. Monzo’s users have spent more than £20m in over 130 countries since its launch.
Overview
| Type: | Private |
| Funding Status: | Series G |
| Foundation year: | 2015 |
| Location: | London, United Kingdom |
| Number of employees: | 1001-5000 |
| Founders: | Tom Blomfield, Paul Rippon, Jonas Huckestein, Gary Dolman, Jason Bates |
| Website: | https://monzo.com/ |
Target geographic market:
Global - in 132 countries. Monzo card should work anywhere that accepts Mastercard. But there are occasional issues with using Monzo cards in countries like Cuba, North Korea and Bulgaria.
Awards:
- The British Bank Awards: Best Banking App (March 2020) - Money Saving Expert 2019: number 1 in the customer services poll - British Banking Awards 2019: winner of Best Banking App - LinkedIn Top Startups 2018: number 1 most sought-after startup in the UK - KPMG Fintech100 2018 in the ‘Top 50’ most innovative Fintech companies globally - Tech Nation Future Fifty 2019: one of the UK’s most successful digital businesses
About Product/Service
| Products | Monzo Current Accounts; Monzo Plus Accounts; Monzo Business Accounts; Monzo Joint Accounts; Monzo 16-17 Accounts; Savings; Overdrafts; Loans; Travelling with Monzo; Energy switching; Bill splitting |
|---|---|
| Core product offerings for individual/retail customers | 1. Full UK account. 2. App-based banking. 3. Freeze the card on the go, get instant notifications, great spending visualisation features. 4. Fee-free spending abroad. 5. A range of interest-paying savings accounts is available through Monzo’s partners - Paragon, OakNorth, Ivestec, Charter Savings Bank. You can now get tax-free savings through your Monzo account and select short-term or long-term savings, with cash withdrawals next day or in 12 months 6. Overdrafts available (overdrafts up to £500 and loans up to £3,000.) 7. Split bills and open a joint account 8. Switch from old banks account to Monzo 8. if you use Monzo in London, you can connect a cashback app called Tail to your account to get cashback at certain retailers |
| Differentiating features of product | Monzo offers a full UK account that is almost entirely fee-free (no monthly fees and no cost for physical card). It’s app-based, very easy to set up and use and is also expanding to offer more products, such as savings accounts. |
| Sales channels | 3% fee on foreign ATM withdrawals after the first £200 each month. Going overdrawn costs 50p a day after the first £20. Monthly fees for Monzo Plus, that comes with extra features. £5 monthly fee for Business Pro Plan. |
|---|---|
| (a) a personal account | Yes |
| (b) a business account | Yes |
Key people
Funding rounds
| Last Funding Date | Jun 16, 2020 |
|---|---|
| Last Funding Amount | £60M |
| Last Funding Type | Series G |
| Total Funding Amount | £384.7M |
| Number of Funding Rounds | 16 |
Financials
| Customer/Products segments | Current accounts, remittance, debit cards, savings, bills and spending, loans & overdrafts, business accounts, single currency (GBP) account, international money transfers with TransferWise, cashbacks |
|---|---|
| Key product offering | Personal accounts (current accounts, joint-accounts, Monzo for 16-17 year olds); Business Accounts - Light and Pro |
| Major shareholders | Y Combinator, Accel,,General Catalyst, Thrive Capital, Passion Capital, Goodwater Capital |
| Banking license | In 2017 Monzo got a full UK banking license. Authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA). Monzo has applied to the U.S. Office of the Comptroller of the Currency for a banking license in April 2020. |
| Type of customers | Retail customers (residents and non-residents), SMEs |
| Number of customers | 4,1M+ total accounts |
| Estimated revenue | $10M-25M |
| Number of investors | 29 |
| Number of lead investors | 7 |
| Names of lead investors | Y Combinator, Accel, General Catalyst, Thrive Capital, Passion Capital, Goodwater Capital, Yoma James Kukor |
Tech stack
Competitors
| Founding Date | Type | Tags |
Reviews
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