U Account
Description
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.
Overview
| Type: | Private |
| Foundation year: | 2016 |
| Location: | Sheffield, United Kingdom |
| Number of employees: | 51-200 |
| Founders: | Alex Letts |
| Website: | https://www.uaccount.uk/ |
Target geographic market:
Europe
Awards:
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 |
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 | Tags | |
x TransactionLink We integrate tech and fintech solutions (eg.... | 2020 | Private | |
x Revolut Revolut is a digital banking alternative for... | 2015 | Private | challenger banks, fintech |
x Mettle Mettle is a free business account by NatWest that... | 2018 | Private | Challenger banks, fintech |
x Oxygen Oxygen is a neo (challenger) bank. The first and... | 2018 | Private | fintech, challenger banks |
x Tandem Tandem is building a bank and financial... | 2013 | Private | challenger bank, fintech |
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