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thinkmoney Chooses Token for PSD2 Compliance
- 10 Dec, 2018
Thinkmoney
Description
Think Money is one of the largest and longest-running financial services and advice providers in the UK, helping people find the best way of managing their finances, whether that means providing budgeting advice, assisting them with debt problems, helping them find insurance, mortgages, loans… So the company has developed a wide range of financial solutions. Since it began in 1993, it has helped hundreds of thousands of people with their finances. As a result, it has built a solid reputation for delivering a professional and dedicated service to clients.
Overview
| Type: | Private |
| Funding Status: | N/A |
| Foundation year: | 2002 |
| Location: | Manchester, United Kingdom |
| Number of employees: | 501-1000 |
| Founders: | Chis Childs |
| Website: | https://www.thinkmoney.co.uk/ |
Target geographic market:
Europe
Awards:
Banking Technology Awards 2019: “Best Use of IT in Retail Banking” (Dec, 2019)
About Product/Service
| Products | Current accounts, credit card, debit card, consumer loans, home insurance |
|---|---|
| Core product offerings for individual/retail customers | Current account |
| A free current account switch service | Available, within seven working days |
| Regulators/Compliance | The money you hold in your thinkmoney Current Account is not protected under the Financial Services Compensation Scheme (FSCS). As thinkmoney is authorised and regulated by the FCA as an e-Money Institution, your money is protected and, unlike the FSCS, this protection is not limited to a certain amount. This means that your money is held separately and securely in a safeguarded account held with the Royal Bank of Scotland. In the event of thinkmoney’s insolvency any customer money would be re-paid after the Insolvency Practitioner’s costs for distributing any money owed to customers. |
| The Base Currency | GBP |
| Number of Currencies Supported | single currency (GBP) |
| Product cost | Current account: £10/mo |
|---|---|
| Money transfers/payments | Sending money within the UK via Faster Payments/CHAPS: £0; Sending money outside the UK: beginning from £15.00; Card Provider: MasterCard |
| ATM withdrawals | Cash withdrawal in foreign currency outside the UK: 2.0% of the transaction value per transaction; Cash withdrawal in pounds in the UK: £0 |
| Overdrafts | No |
| Other | Virtual cards are not available |
| (a) a personal account | Yes |
| (b) a business account | No |
| A free current account switch service | Available, within seven working days |
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 | Current accounts, credit card, debit card, lending, home insurance |
|---|---|
| Key product offering | Current Account |
| Type of customers | Individuals (UK residents) |
| Number of investors | N/A |
| M&A | ECI Partners acquired Think Money for an undisclosed amount |
Tech stack
Competitors
| Founding Date | Type | Tags | |
x Varo Varo is a digital bank that offers innovative,... | 2015 | Private | challenger bank, fintech |
x Signicat Signicat is a leading electronic identity... | 2006 | Private | |
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 Revolut Revolut is a digital banking alternative for... | 2015 | Private | challenger banks, fintech |
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