U is one of the UK's most exciting fintechs, having built a revolutionary banking platform that delivers the benefits of innovative mobile banking to its tens of thousands of customers. With a progressive team of people working towards a true alternative to traditional banking in the UK, U has specialised in developing a solution for those so badly let down by the high-street banks: A current account experience that allows those who have struggled financially to improve their long-term financial futures.
Winner of the Red Herring Top 100 Europe; The Corporate LiveWire 2016-2017: Winnder of the Innovation & Excellence Awards; Cards Winner 2016
About Product/Service
Products
Personal Current Account
Core product offerings for individual/retail customers
Digital Personal Account
A free current account switch service
Available
Pricing
First Payment Option: £0/mo, includes: Payments out/direct debits: £1; UK cash withdrawals: £1; Free Extra Accounts: 0; Additional Extra Accounts: £1/mo; Cash withdrawals abroad: 3% + £1 /
Second Payment Option: £5/mo, includes: Payments out/direct debits: 50p; UK cash withdrawals: 50p; Free Extra Accounts: 2; Additional Extra Accounts: 50p/mo; Cash withdrawals abroad: 3% + 50p /
Third Payment Option: £10/mo, includes: Payments out/direct debits: Free; UK cash withdrawals: Free; Free Extra Accounts: 5; Additional Extra Accounts: 50p/mo; Cash withdrawals abroad: 3%
The Base Currency
£ (GBP)
Product cost
3 different payment options
Openning a current account (business and personal)
Free
Monthly fees
Free
Issuing physical card and delivery
Free
Money transfers/payments
Free; Paying in with PayPoint: 3%; Transactions not in GBP (£): 3%
Overdrafts
No
Other
Postal statements: £2.50; Replacement card: £3.50; The maximum balance is £10,000
(a) a personal account
Yes
(b) a business account
No
A free current account switch service
Available
Key people
Alex Letts Founder and CEO
Funding rounds
Last Funding Date
N/A
Last Funding Amount
N/A
Last Funding Type
N/A
Total Funding Amount
Since launch, U Account has secured £11m of funding from UK and citywide investors
Number of Funding Rounds
N/A
Financials
Customer/Products segments
Mobile Banking, Payments, Budgeting Tools (financial wellbeing)
Key product offering
Personal account, Contactless Mastercard card, Extra accounts
Banking license
U is a trading name of Shelby Finance Ltd, a subsidiary of Morses Club PLC(Company Number: 08117620).U is not a bank. U Accounts are serviced online. U does not offer overdrafts. Mastercard® is a registered trademark, and the circles design is a trademark of Mastercard® International Incorporated. The Card is issued by Wirecard Card Solutions Ltd ("WDCS") pursuant to licence by Mastercard® International Inc. WDCS is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051).
Type of customers
Individuals
Number of customers
over 50,000 current account customers (2018)
Number of investors
N/A
Number of lead investors
N/A
Names of lead investors
N/A
M&A
In June 2019, U Holdings Ltd was acquired by Shelby Finance Ltd, a subsidiary of Morses Club PLC
Tech stack
The technologies that underpin a platform (FX, identity, infrastructure, security, payments gateways, business systems, APIs, etc.)
The U platform integrates multiple banking systems, including those of partners GPS,[10] Bottomline Technologies and Wirecard in a centralised account
Devices supported
Android, iOS
Languages
English
Competitors
Founding Date
Type
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