Challenger banks

Description

Overview
Type: Private
Foundation year: 2015
Founders: Ken Villum Klausen
Target geographic market:

Europe

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    Description

    Wave makes running a small business better by providing free accounting, invoicing, affordable credit card processing (payments) and payroll. Over 3 million small business owners, in more than 200 countries around the world, rely on WaveApps to run their business.

    Overview
    Funding Status: M&A
    Foundation year: 2017
    Location: Toronto, Canada
    Founders: -
    Website: http://everyfinancial.com/
    About Product/Service
     
    Product cost-

    Key people

    Funding rounds

    Last Funding Date Jun 11, 2018
    Last Funding Type Angel

    Financials

    Banking licenseHave a full banking license

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      Description

      ElasBank is a digital bank made by women entrepreneurs tailored to them.

      Overview
      Funding Status: Private
      Foundation year: 2020
      Location: São Paolo, Brazil
      Founders: -
      Website: http://elasbank.com.br/
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      Product cost-

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      Banking licenseNo

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        Description

        Doconomy is a new company that aims to find solutions to help us all live in a more sustainable way. We believe that people want to contribute to save our planet, but are hindered by insufficient tools to do so.

        Overview
        Foundation year: 2018
        Location: Stockholm, Sweden
        Number of employees: 11-50
        Founders: Johan Pihl and Mathias Wikström
        Website: https://doconomy.com/
        Target geographic market:

        Europe

        Awards:

        Doconomy won the Mastercard Lighthouse Development Program 2019 and was crowned the top fin-tech startup in the Nordics and the Baltics. The Lighthouse Development Program of 2019

        About Product/Service
         
        Product cost-

        Key people

        Funding rounds

        Last Funding Date Dec 10, 2019.
        Last Funding Type Corporate Round

        Financials

        Key product offeringOur first solution is called DO. DO is a mobile banking service that enable users to understand the impact of their daily choices. This allows people to adjust behavior, and to compensate for their impact on the planet. We call it Everyday Climate Action.
        Banking licenseHave a full banking license
        Number of lead investors1
        Names of lead investorsMasterCard

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        Related News

          Description

          Online bank for small enterprises

          Overview
          Funding Status: Private Equity
          Foundation year: 2018
          Location: Ekaterinburg, Russia
          Number of employees: 1001-5000
          Founders: Sinara Financial Group
          Website: https://delo.ru/
          Target geographic market:

          Europe

          Awards:

          Winner of Business Mobile Banking Rank 2019 by markswebb, Winner of Usabilitylab 2020

          About Product/Service
           
          Product cost-

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          Financials

          Banking licenseHave a full banking license
          Number of lead investors1

          Tech stack

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            Description

            MYbank, a leading online private commercial bank in China and an Ant Financial brand that focuses on SME (small and mid-size enterprise) financing. As one of the brands under Ant Financial Services Group, MYbank leverages Alipay’s AI, computing and risk management technologies to improve customer service and increase efficiency. MYbank’s efficient operating model enables it to reduce the costs for its partner financial institutions.

            Overview
            Type: Private
            Foundation year: 2015
            Location: Hangzhou, Zhejiang, China
            Founders: Jack Ma
            Website: https://www.mybank.cn/
            About Product/Service
            Regulators/ComplianceChina Banking Insurance Regulatory Commission (CBIRC), which replaced the China Banking Regulatory Commission (CBRC) in April 2018
            The Base CurrencyYuan
             
            Product cost-
            (a) a personal accountNo
            (b) a business accountYes

            Key people

            Funding rounds

            Financials

            Customer/Products segments Lending, Online Banking, Supply Chain Finance
            Key product offeringSMEs Financing
            Major shareholdersAnt Financial
            Banking licenseYes
            Type of customersSMEs
            Number of customersOver 16 million small companies (as of 2019)

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              Description

              Hufsy offers a bank account customised for startups. It helps you with all your finances, so you can do more business and less banking

              Overview
              Type: Private
              Funding Status: Seed
              Foundation year: 2015
              Location: Copenhagen, Hovedstaden, Denmark
              Number of employees: 11-50
              Founders: Maria Flyvbjerg Bo, Rafal Lipinski
              Website: http://hufsy.com/
              Target geographic market:

              Europe

              About Product/Service
               
              Product cost-

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              Funding rounds

              Last Funding Date Dec 15, 2015.
              Last Funding Amount N/A
              Last Funding Type Seed
              Total Funding Amount N/A
              Number of Funding Rounds 1

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              Number of investors N/A
              Number of lead investorsN/A

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                Description

                BABB is a world bank for the micro-economy: a global marketplace for human innovation, financial autonomy and wealth creation. BABB stands for Bank Account Based Blockchain.

                Overview
                Type: Private
                Funding Status: Equity Crowdfunding
                Foundation year: 2017
                Location: London, England, United Kingdom
                Number of employees: 11-50
                Founders: Rushd Averroes
                Website: https://getbabb.com/
                Target geographic market:

                Europe

                About Product/Service
                 
                Product cost-

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                Funding rounds

                Last Funding Type Equity Crowdfunding

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                Customer/Products segments Cryptocurrencies, Blockchain, Banking

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                  Description

                  Millions of adults do not have access to an arranged overdraft and changing regulations could cause those many millions of consumers to lose access to any unarranged overdraft facility currently offered by their primary bank, meaning their payments will begin to be rejected, leading to failed payments. Fiinu will change the short term borrowing landscape by offering an innovative solution connected to a customer’s primary bank account via the “Open Banking” directive. Using Fiinu’s credit product has the potential to improve an individual’s credit score and will provide an alternative to using high-cost short-term credit which can have a damaging effect on their credit file and/or lenders credit decisions. Company's aim is to help millions of people better manage and stay in control of their finances.

                  Overview
                  Type: Private
                  Funding Status: Equity Crowdfunding
                  Foundation year: 2017
                  Location: Weybridge, Surrey, United Kingdom
                  Number of employees: 11-50
                  Founders: Marko Sjoblom
                  Website: https://fiinu.com/
                  Target geographic market:

                  Europe

                  About Product/Service
                  Products Loans, overdrafts
                  Regulators/ComplianceFiinu is in the pre-application phase to obtain necessary licenses from the UK regulatory authorities
                   
                  Product cost-
                  (a) a personal accountYes

                  Key people

                  Funding rounds

                  Last Funding Date Dec 18, 2018
                  Last Funding Amount £563.1K
                  Last Funding Type Equity Crowdfunding
                  Total Funding Amount £563.1K
                  Number of Funding Rounds 1

                  Financials

                  Customer/Products segments Lending, Overdrafts, Personal Finance, Open Banking, AI, ML, blockchain
                  Banking licenseFiinu is in the pre-application phase to obtain necessary licenses from the UK regulatory authorities
                  Type of customersIndividuals
                  Number of investors N/A
                  Number of lead investorsN/A

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                    Description

                    OakNorth is a credit science platform that leverages machine learning, decades of credit expertise and massive data sets to model a forward-looking view of a borrower’s financial situation, that’s informed by industry benchmarks, macroeconomic drivers, and scenario analysis specific to that business.

                    Overview
                    Type: Private
                    Foundation year: 2015
                    Location: London, England, United Kingdom
                    Number of employees: 501-1 000
                    Founders: Rishi Khosla, Joel Perlman
                    Website: https://www.oaknorth.co.uk/
                    Target geographic market:

                    Europe

                    About Product/Service
                    Products Personal Savings/Business Savings (Fixed Term Savings, Notice Accounts, Easy Access Accounts); Business Loans (Property Finance, Coronavirus Business Interuption Loan Scheme, Coronavirus Large Business Interuption Loan Scheme)
                    Core product offerings for individual/retail customersBusiness Loans
                    PricingPersonal Savings (Fixed Term Savings: 0.43%-0.69% AER/gross, term: between 6 to 60 months; Notice Accounts: 0.40%-0.58% AER/gross (variable), term: 35,90 and 120 days; Easy Access Accounts: 0.20% AER/gross (variable), term: next-day access) / Business Savings (Fixed Term Savings: 0.35%-0.50% AER/gross, term: between 6 to 12 months; Notice Accounts: 0.30%-0.50% AER/gross (variable), term: 35,60, 95 and 120 days; Easy Access Accounts: 0.15% AER/gross (variable), term: next-day access)
                    The Base Currency£ (GBP)
                     
                    (a) a personal accountYes
                    (b) a business accountYes

                    Key people

                    Funding rounds

                    Last Funding Date Feb 8, 2019
                    Last Funding Amount $440M
                    Total Funding Amount over $848M

                    Financials

                    Customer/Products segments Lending, Savings
                    Banking licenseOakNorth secured a full banking licence from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in March 2015 and began deposit taking and lending six months later.
                    Type of customersIndividuals, Businesses
                    Number of investors 4
                    Number of lead investors4
                    Names of lead investorsHurstwood, Signet Hotel Group, Kolte-Patil Developers, Bright Minds Daycare

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