Challenger banks
Description
Revolut is a digital banking alternative for instant payment notification and free international money transfers and global fee-free travel.
Overview
| Type: | Private |
| Funding Status: | Series D |
| Foundation year: | 2015 |
| Location: | London, England, United Kingdom |
| Number of employees: | 1001-5000 |
| Founders: | Nikolay Storonsky, Vladyslav Yatsenko |
| Website: | https://www.revolut.com/ |
Target geographic market:
Europe
Awards:
The British Bank Awards: Innovation of the Year (March 2020); World Finance Digital Banking Awards 2018: Best Digital Bank in the UK
About Product/Service
| Products | UK current accounts, EURO current accounts with IBAN, prepaid cards, virtual prepaid cards, cryptocurrency exchange, cryptocurrency transfers between Revolut users |
|---|---|
| Core product offerings for individual/retail customers | UK Personal/Business Current Account |
| Differentiating features of product | Revolut has a few features no other banking app offers: namely, a multi-currency account, fee-free international money transfers, cryptocurrencies and an insurance option that can be added on the go. |
| Core product for bussiness customers | 1. UK and EU accounts. Can hold 29 currencies. 2. App-based banking. Freeze the card on the go, get instant notifications, categorise and visualise your spending. 3.Fee-free international money transfers. 4. Fee-free spending abroad. 5. Put money aside in a Vault to save towards a goal. 6. Travel and device insurance can be added (and paid by the day, with great flexibility). |
| Regulators/Compliance | GDPR, PSD2, SCA, RTS, AMLD5/CFT policies, CRR, PPI, MiFIDll, Basel III, SEPA, IFR |
| The Base Currency | £ (GBP) |
| Number of Currencies Supported | Over 30 |
| Product cost | Revolut Standard: £0/mo; Revolut Premium: £6.99/mo; Revolut Metal: £12.99/mo |
|---|---|
| Openning a current account (business and personal) | Free |
| Issuing physical card and delivery | £4.99 or currency equivalent for standard delivery, £11.99 or currency equivalent for express delivery to the UK ,€19.99 or currency equivalent for express delivery outside the UK The delivery charge may be more depending on where you are sending the card |
| Currency exchanges | 0.5% markup on all currency exchanges done during the weekend |
| ATM withdrawals | 2% fee on ATM withdrawals after the first £200 each month |
| (a) a personal account | Yes |
| (b) a business account | Yes |
Key people
Funding rounds
| Last Funding Date | Jul 24, 2020 |
|---|---|
| Last Funding Amount | $80M |
| Last Funding Type | Series D |
| Total Funding Amount | $917M |
| Number of Funding Rounds | 16 |
Financials
| Customer/Products segments | Business Accounts, Business Lending, Consumer Lending, Credit Card:Visa, FX, Individual/Retail Accounts, Mortgages (Residential), Overdrafts, Remittance/International Transfers, Multi-Currency Accounts, Cryptocurrency, P2P Payments, Insurance |
|---|---|
| Key product offering | Personal accounts (Standard, Premium, Metal, Junior); Business Accounts: Revolut Business |
| Major shareholders | TSG Consumer Partners, TCV, Future Fifty, DST Global, Index Ventures, TriplePoint Capital, Mastercard Start Path, Balderton Capital |
| Banking license | The app was granted a European banking licence by the Bank of Lithuania in 2018, but in the UK has operated as an FCA authorised e-money institution. In 2020 applied to UK banking license |
| Type of customers | Individuals, businesses |
| Number of customers | Over 12M personal customers, over 500k business customers, over 35 countries supported |
| Estimated revenue | $50M to $100M |
| Number of investors | 39 |
| Number of lead investors | 8 |
| Names of lead investors | TSG Consumer Partners, TCV, Future Fifty, DST Global, Index Ventures, TriplePoint Capital, Mastercard Start Path, Balderton Capital |
Tech stack
| The technologies that underpin a platform (FX, identity, infrastructure, security, payments gateways, business systems, APIs, etc.) | open source platform, Docker, Git Hub, Git, Stripe, AWS cloud, React, Phyton, Cloudflare, APIs, mobile apps - Android and iOS. Apple Pay and Google Pay, biometrics tech powered by Onfido |
|---|---|
| Devices supported | iOS, Android |
| Languages | English |
Competitors
| Founding Date | Type | Tags |
Reviews
Related News
Description
We’re reimagining the way banking works. We make it easy to manage your money – wherever you are in the world. We create financial freedom for all of us that live, work, travel, study or send money abroad. We’re the mobile app alternative to the banks, offering accounts you can open instantly, so that you don’t lose access to the money you need every time you cross a border on a map. We’re here for everyone, not just for those with perfect credit scores or the right set of utility bills. With over 2 million sign-ups across 31 countries, we push the boundaries every day.
Overview
| Type: | Private |
| Funding Status: | Ventures Round |
| Foundation year: | 2013 |
| Location: | London, United Kingdom |
| Number of employees: | 251-500 |
| Founders: | Norris Koppel |
| Website: | https://monese.com/ |
Target geographic market:
Europe (in 20 countries – Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, Spain and the UK)
Awards:
2016 European Fintech Awards: Winners of 'Best Challenger Bank'
About Product/Service
| Products | Virtual Euro IBAN accounts, virtual UK accounts, prepaid debit cards, travel money cards, corporate cards |
|---|---|
| Core product offerings for individual/retail customers | Personal accounts (Simple,Classic, Premium); Business accounts |
| Differentiating features of product | This feature is what makes Monese unique: the ability for anyone to open an account anywhere in the UK or continental Europe. Whether or not you have a UK address, a credit history or fixed income, you can access Monese and open an account today. The app is currently available to anyone in the European Economic Area. Monese is completely portable across 20 countries across Europe and, if you move to another country, your Monese account comes with you. Add a Eurozone account at the click of a button. You can switch between your UK and European accounts at any time on the home page. Invite a friend and you will earn £15 once they deposit money into their account. They also get £15. |
| Core product for bussiness customers | Transfer money abroad into eight different currencies. Monese uses the “interbank rate”, much like Revolut. The delivery time for your money depends on the processing times of the receiving bank. Depending on the currency you’re sending and the time (try send before 4pm), your transfer should take between 2-4 business days.If you’re transferring money to someone with a Euro account through a SEPA payment, then it should reach them by the next working day – or the day after that. Set up a standing order (or ‘Recurring Payment’) to make routine payments for a specified amount, payee and date – all managed in-app. Make payments to friends and family – straight from your phone’s contact list. See who’s already a Monese user, and to whom you’ll be able to make an instant payment. |
| Regulators/Compliance | Monese Ltd is a registered agent of PrePay Technologies Limited which is an electronic money institution authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (900010) for the issuing of electronic money and payment instruments. |
| The Base Currency | £ (GBP) |
| Number of Currencies Supported | EUR, GBP, RON |
| Product cost | Monthly fees: Classic - £4.95, Premium - £14.95 |
|---|---|
| Issuing physical card and delivery | £4.95 for delivery (Simple plan) / Classic and Premium plans: FREE |
| Money transfers/payments | Card payments abroad as per plan: Simple Free up - to £2,000 a month (2% fee after), Classic Free - up to £8,000 a month (2% fee after), £200 FREE monthly 2% fee after money transfers from 0.5% up |
| ATM withdrawals | Simple: £200 FREE / Classic: £900 FREE / Premium: FREE |
| (a) a personal account | Yes |
| (b) a business account | Yes |
Key people
Funding rounds
| Last Funding Date | Jun 13, 2019 |
|---|---|
| Last Funding Amount | £2.5M |
| Last Funding Type | Venture Round |
| Total Funding Amount | $80.4M |
| Number of Funding Rounds | 8 |
Financials
| Customer/Products segments | Business Accounts, Business Lending, Consumer Lending, Credit Card: Mastercard, Individual/Retail Accounts, Overdrafts, Remittance/International Transfers, Multi-Currency Accounts |
|---|---|
| Key product offering | Personal accounts (Simple,Classic, Premium); Business accounts |
| Major shareholders | Augmentum (London), Avios, Hangar 51, International Airlines Group, Kinnevik |
| Banking license | No |
| Type of customers | Retail customers (residents and non-residents), SMEs |
| Number of customers | 2M+ accounts total |
| Estimated revenue | $1M to $10M |
| Number of investors | 20 |
| Number of lead investors | 5 |
| Names of lead investors | Spring Capital, YYX Capital, Augmentum Fintech, Tera Ventures, Kinnevik AB |
| M&A | N/A |
Tech stack
Competitors
| Founding Date | Type | Tags |
Reviews
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Description
Monzo (previously Mondo) is a digital, mobile-only bank in the UK. Monzo offers a high-tech banking app and credit card. It gives users instant balance updates and offers to its clients a range of intelligent notifications such as tracking recurring payments and providing summaries of exactly where their money goes each month. Monzo’s users have spent more than £20m in over 130 countries since its launch.
Overview
| Type: | Private |
| Funding Status: | Series G |
| Foundation year: | 2015 |
| Location: | London, United Kingdom |
| Number of employees: | 1001-5000 |
| Founders: | Tom Blomfield, Paul Rippon, Jonas Huckestein, Gary Dolman, Jason Bates |
| Website: | https://monzo.com/ |
Target geographic market:
Global - in 132 countries. Monzo card should work anywhere that accepts Mastercard. But there are occasional issues with using Monzo cards in countries like Cuba, North Korea and Bulgaria.
Awards:
- The British Bank Awards: Best Banking App (March 2020) - Money Saving Expert 2019: number 1 in the customer services poll - British Banking Awards 2019: winner of Best Banking App - LinkedIn Top Startups 2018: number 1 most sought-after startup in the UK - KPMG Fintech100 2018 in the ‘Top 50’ most innovative Fintech companies globally - Tech Nation Future Fifty 2019: one of the UK’s most successful digital businesses
About Product/Service
| Products | Monzo Current Accounts; Monzo Plus Accounts; Monzo Business Accounts; Monzo Joint Accounts; Monzo 16-17 Accounts; Savings; Overdrafts; Loans; Travelling with Monzo; Energy switching; Bill splitting |
|---|---|
| Core product offerings for individual/retail customers | 1. Full UK account. 2. App-based banking. 3. Freeze the card on the go, get instant notifications, great spending visualisation features. 4. Fee-free spending abroad. 5. A range of interest-paying savings accounts is available through Monzo’s partners - Paragon, OakNorth, Ivestec, Charter Savings Bank. You can now get tax-free savings through your Monzo account and select short-term or long-term savings, with cash withdrawals next day or in 12 months 6. Overdrafts available (overdrafts up to £500 and loans up to £3,000.) 7. Split bills and open a joint account 8. Switch from old banks account to Monzo 8. if you use Monzo in London, you can connect a cashback app called Tail to your account to get cashback at certain retailers |
| Differentiating features of product | Monzo offers a full UK account that is almost entirely fee-free (no monthly fees and no cost for physical card). It’s app-based, very easy to set up and use and is also expanding to offer more products, such as savings accounts. |
| Sales channels | 3% fee on foreign ATM withdrawals after the first £200 each month. Going overdrawn costs 50p a day after the first £20. Monthly fees for Monzo Plus, that comes with extra features. £5 monthly fee for Business Pro Plan. |
|---|---|
| (a) a personal account | Yes |
| (b) a business account | Yes |
Key people
Funding rounds
| Last Funding Date | Jun 16, 2020 |
|---|---|
| Last Funding Amount | £60M |
| Last Funding Type | Series G |
| Total Funding Amount | £384.7M |
| Number of Funding Rounds | 16 |
Financials
| Customer/Products segments | Current accounts, remittance, debit cards, savings, bills and spending, loans & overdrafts, business accounts, single currency (GBP) account, international money transfers with TransferWise, cashbacks |
|---|---|
| Key product offering | Personal accounts (current accounts, joint-accounts, Monzo for 16-17 year olds); Business Accounts - Light and Pro |
| Major shareholders | Y Combinator, Accel,,General Catalyst, Thrive Capital, Passion Capital, Goodwater Capital |
| Banking license | In 2017 Monzo got a full UK banking license. Authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA). Monzo has applied to the U.S. Office of the Comptroller of the Currency for a banking license in April 2020. |
| Type of customers | Retail customers (residents and non-residents), SMEs |
| Number of customers | 4,1M+ total accounts |
| Estimated revenue | $10M-25M |
| Number of investors | 29 |
| Number of lead investors | 7 |
| Names of lead investors | Y Combinator, Accel, General Catalyst, Thrive Capital, Passion Capital, Goodwater Capital, Yoma James Kukor |
Tech stack
Competitors
| Founding Date | Type | Tags |
Reviews
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Description
Bunq is a fully licensed bank from the Netherlands. However, bunq is not an ordinary bank. Instead of making more money, the company wants to reinvent money itself with mobile technology. That’s why it built the own banking system and innovative features from scratch. The company is currently working non-stop on futuristic payment methods and other innovations to make money and banking as easy, transparent, and fun as possible.
Overview
| Type: | Private |
| Funding Status: | Seed |
| Foundation year: | 2012 |
| Location: | Amsterdam, Noord-Holland, The Netherlands |
| Number of employees: | 101-250 |
| Founders: | Ali Niknam |
| Website: | www.bunq.com |
Target geographic market:
Europe
About Product/Service
| Products | Personal Premium; Joint Account; Business Account; Travel Card; Green Card |
|---|---|
| Core product offerings for individual/retail customers | Personal/Business Account |
| Differentiating features of product | • Real-time access to money • Instant payments • Option to use phone as a payment terminal |
| Core product for bussiness customers | Business Account |
Key people
Funding rounds
| Last Funding Date | Dec 30, 2018 |
|---|---|
| Last Funding Amount | €10M |
| Last Funding Type | Seed Round |
| Total Funding Amount | €44.9M |
| Number of Funding Rounds | 4 |
Financials
| Number of investors | 1 |
|---|---|
| Names of lead investors | Ali Niknam |
Tech stack
Competitors
| Founding Date | Type | Tags |
Reviews
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