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 customersDigital Personal Account
A free current account switch serviceAvailable
PricingFirst 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 cost3 different payment options
Openning a current account (business and personal)Free
Monthly feesFree
Issuing physical card and deliveryFree
Money transfers/paymentsFree; Paying in with PayPoint: 3%; Transactions not in GBP (£): 3%
OverdraftsNo
OtherPostal statements: £2.50; Replacement card: £3.50; The maximum balance is £10,000
(a) a personal accountYes
(b) a business accountNo
A free current account switch serviceAvailable

Key people

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 offeringPersonal account, Contactless Mastercard card, Extra accounts
Banking licenseU 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 customersIndividuals
Number of customersover 50,000 current account customers (2018)
Number of investors N/A
Number of lead investorsN/A
Names of lead investorsN/A
M&AIn 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 supportedAndroid, iOS
LanguagesEnglish

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