May 23, 2016
Here’s a list of mobile-only banks that are defining the industry today:
Atom Bank: Atom is a startup bank. It has been authorized with restrictions by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. As a mobile-only challenger bank, Atom brings biometric banking to the UK, using biometrics instead of passwords in their innovative mobile app. Atom Bank was listed at number eight in KPMG’s Global FinTech Innovators 100. Spanish bank BBVA owns almost 30% of Atom’s stakes. Based in the City of Durham, Atom is working with its partners to bring pioneering technology to Europe for the first time. Atom is building the UK’s first bank designed specifically for the digital realm, offering easy and convenient banking along with unique and engaging ways to manage money.
Founded: 2014 Founder: Anthony Thomson Funding: $167.16M in 2 rounds from 4 investorsProducts/services: Mobile banking app, savings account
Monese: Monese is a digital banking service that let users open a UK banking account on their mobile in minutes regardless of their citizenship. Monese is a UK-based startup that targets immigrants who experience daunting tasks in opening a UK bank account as a foreigner. The mobile banking service established by Estonian Norris Koppel lets users open a current account and get a Visa debit card in just three minutes with a snapshot of their passport and a selfie. Monese’s technology is based on the cloud and removes many of the barriers that legacy banking systems impose.
Founded: 2013 Founder: Norris Koppel Funding: $1.8 Mn Products/services: Branchless mobile banking, cash withdrawals, card payments and international money transfers, current account.
Osper: London-based Osper is a prepaid debit card and mobile banking service that empowers young people to manage their money responsibly. It offers a safe MasterCard prepaid debit card and a simple mobile banking app with separate logins for young people and parents. All money on Osper is safely managed by a regulated European bank.
Founded: 2012 Founder: Alick Varma Funding: $11.22 Mn Products/services: Osper App, Osper Link, prepaid debit card, Osper Allowance, etc.
Monzo: Monzo is a digital platform that provides smart banking services to make money easy for everyone by pricing it at a low cost. Users are given access to Mondo’s iPhone app and a MasterCard prepaid debit card. They can load money onto the card every month and spend it at shops, ATMs and online. The users also receive real-time feedback regarding their spending.
Founded: 2015 Founders: Gary Dolman, Paul Rippon, Jonas Huckestein, Tom Blomfield, Jason BatesFunding: $3.14 Mn Products/services: Mondo App for digital banking services
Starling: Founded by Anne Boden, the former Chief Operating Officer of Allied Irish Bank, Starling is aiming to lure mobile-focused customers and provide a superior current account service to those offered by the incumbent high-street banks.
Founded: 2014 Founder: Anne Boden Funding: $$70 Mn Products/services: Digital banking services using real-time intelligence technology
Tandem: Tandem is a digital banking startup led by Azimo founder Ricky Knox and Capital One’s Matt Cooper. In December 2015, Tandem was granted a license by the Bank of England. The startup is in the process of constructing its technology platform and meeting capital requirements.
Founded: 2013 Founders: Matt Cooper, Ricky Knox Funding: $34.79 Mn Products/services: Full-service digital banking
Simple: Simple combines innovative technology, impeccable user experience and expertise in behavioural economics to help its customers spend smarter and save more. The company offers a bank account that has all the tools users need to manage their money built right in. The funds in a user’s Simple account are held by company’s partner banks. The company’s banking services are accessible via intuitive Web, iPhone and Android apps. In 2013, it recorded a 330% growth and more than $1.7 billion in transactions. The company serves more than 100,000 customers. Simple was acquired by BBVA in 2014.
Founded: 2009 Founders: Shamir Karkal, Alex Payne, Joshua Reich Funding: $15.29 MnProducts/services: Budgeting tools, bank account
Moven: Moven is a mobile-centric banking app. Moven’s app, debit card, and contactless payment sticker provide real time spending insights to its customers to make smarter decisions and save more. It lets individuals spend money from their mobile device and provides instant feedback on their transactions and spending patterns.
Founded: 2011 Founders: Brett King, Alex Sion, Richard Nearn Funding: $24.41 Mn Products/services:Mobile banking app, savings account, debit card, contactless payment
BankMobile: is the first bank to offer free checking and savings accounts without any fees as well as a line of credit, access to over 55,000 surcharge-free ATMs, and a higher savings rate than the top four banks in the country. They’ve leveraged technology to put a bank in a pocket so that users can enjoy the freedom of banking wherever and whenever they want.
Founded: January 1, 2015 Founders: Jay Sidhu, Luvleen Sidhu Products/services: Free checking account, remote check deposit and picture bill pay, P2P payments, online Banking, high yield savings account
GoBank: is the first bank account designed from scratch to be opened and used on a mobile device. It enables checking balances, viewing transaction history and transferring funds between accounts from supported mobile devices. It’s owned by Green Dot, which is an active player in card management industry in US. GoBank has formed a national partnership with MetroPCS to distribute the GoBank mobile application across MetroPCS’ compatible Android device portfolio. It offers its products and services exclusively online or over the phone, because it does not operate through physical branches.
Founded: 2013 Founder: Green Dot Corporation Products/services: Online banking & checking account with direct deposit and bill pay, cash & direct deposit, photo check deposit, etc.
NAB (mobile banking): National Australia Bank Group (the Group) is a financial services organisation with over 12,700,000 customers and 42,000 people, operating more than 1,700 stores and business banking centers globally. NAB’s online banking platform has around 900,000 logins on average per day.
Its major financial services franchises in Australia are complemented by businesses in New Zealand, Asia, and the United Kingdom. Each of its brands is uniquely positioned, but built on a common commitment to provide our customers with quality products and services, fair fees and charges, and relationships built on the principles of help, guidance and advice.
Founded: 1982 Products/services: NAB Flik, Quick Balances feature, ATM locator tool, schedule your funds transfers and BPAY® transactions, international payments using real-time rates, transfer funds, pay your bills on your phone, transfer up to $20,000 a day, etc.
digibank by DBS: digibank, powered by DBS, is an entire bank squeezed to fit into your smartphone. Its objective is to change banking the way we know it. Not only does it let you deposit, withdraw and transfer money with lightning speed, it also lets you set goals and draw out a plan to achieve them. It is India’s first ever bank that lets you open an account without any paperwork or signatures. Only Aadhaar number and biometrics are required for authentication. Customers can start with an e-wallet and convert to a full bank account at any time.
Launched: 2016 Products/services: Paperless, signatureless & branchless banking, virtual debit card, digiSavings account, 24x7 Virtual Assistant, budget optimizer and e-wallet.
Note: This list is not exhaustive.