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.
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
Key people
Stephen Stylianou CEO
Andy Leitch CTO
Steve Peacock Chief Risk Officer
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
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