Mettle
Description
Mettle is a free business account by NatWest that helps you get ahead today. It's built for small businesses, startups, limited companies, sole traders, contractors and freelancers. We believe there is something different about people who start their own business – a unique spirit that sets them apart. A blend of drive, ambition and self belief – people who have mettle. So we’ve built an app that embraces that spirit – one that our customers can rely on and makes managing finances as fast and simple as possible.
Overview
| Type: | Private |
| Foundation year: | 2018 |
| Location: | London, United Kingdom |
| Number of employees: | 51-200 |
| Founders: | Private |
| Website: | https://www.mettle.co.uk/ |
Target geographic market:
Europe
Awards:
No
About Product/Service
| Core product offerings for individual/retail customers | Business Current Account |
|---|---|
| A free current account switch service | No, but Mettle plans to offer a Current Account Switching service in the future |
| Regulators/Compliance | All the money held in the Mettle account is covered under the FCA safeguarding requirements and the corresponding regulations. The corresponding regulations refer to Electronic Money Regulations 2011 and Payment Services Regulations 2017. The Mettle 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. |
| The Base Currency | £ (GBP) |
| Product cost | Free |
|---|---|
| Openning a current account (business and personal) | Free |
| Monthly fees | No |
| Issuing physical card and delivery | Within 3-5 working days |
| Money transfers/payments | Free, all payments sent from Mettle account are Faster Payments. No international payments. PrePay Technologies Ltd are Mettle's payment service provider. You can make contactless payments up to a £45 per transaction. |
| ATM withdrawals | Free, daily limit is £500 per day and £4,000 per month |
| Overdrafts | No |
| Other | Not integrated with Google Pay. Mettle works with most services that support MasterCard. Mettle has a balance limit of £50,000 for sole traders and £100,000 for limited companies |
| (a) a personal account | No |
| (b) a business account | Yes |
| A free current account switch service | No, but Mettle plans to offer a Current Account Switching service in the future |
Funding rounds
| Last Funding Date | N/A |
|---|---|
| Last Funding Amount | N/A |
| Last Funding Type | N/A |
| Total Funding Amount | N/A |
| Number of Funding Rounds | N/A |
Financials
| Customer/Products segments | Online banking, payments, accounting |
|---|---|
| Key product offering | Business Current Account |
| Banking license | No, Mettle is operating under an e-money licence held by PrePay Solutions (PPS) |
| Type of customers | Small businesses and sole traders (limited companies with up to two owners) – which includes contractors, freelancers and entrepreneurs |
| Number of investors | N/A |
| Number of lead investors | N/A |
| Names of lead investors | N/A |
Tech stack
| The technologies that underpin a platform (FX, identity, infrastructure, security, payments gateways, business systems, APIs, etc.) | Mettle has an integration with FreeAgent, Xero and QuickBooks. If you use different software, you can export transactions to .csv, Excel and OFX files, which are compatible with Sage, Crunch, and Wave. |
|---|---|
| Devices supported | iPhone V12.2 and above; Android V7 (Nougat) and above |
| Languages | English |
Competitors
| Founding Date | Type | Tags | |
x Revolut Revolut is a digital banking alternative for... | 2015 | Private | challenger banks, fintech |
x Kroo Where friends & money meet. Get a debit... | 2016 | Private | Challenger banks, fintech |
x Oxygen Oxygen is a neo (challenger) bank. The first and... | 2018 | Private | fintech, challenger banks |
x TransactionLink We integrate tech and fintech solutions (eg.... | 2020 | Private | |
x Tandem Tandem is building a bank and financial... | 2013 | Private | challenger bank, fintech |
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