Challenger banks are using digital technology to disrupt traditional banking business models and streamline retail banking. Open banking has played an important role in the rise of challenger banks, which has resulted in the United Kingdom becoming a hot-bed for challenger banks disrupting the banking industry.
According to Accenture, about 13 million people in the U.K. had opened an account with a digital-only challenger bank by October 2019. They expect that number to almost triple to 35 million people over the next 12 months!
Below are some of the more popular challenger banks headquartered in the U.K.
Revolut: Based in London, England. They have raised £1.1B in funding. They are a financial services company that specializes in mobile banking, card payments, money remittance, and foreign exchange.
Starling Bank: Based in London, England. They have raised £363M in funding. They offer various accounts – personal, joint, business, euro, and connected – each of which can be managed from your mobile or desktop.
Monese: Based in London, England. They have raised £64M in funding. They make it easy to manage your money – wherever you are in the world. They offer accounts, cards, budgeting, payments, and more.
Monzo: Based in London, England. They have raised £384.7M in funding. They offer personal and business digital banking solutions such as savings, loans, and more.
Atom: Based in Durham, England. They have raised £429M in funding. They are a mobile bank that offers a range of personal and business banking products.
Cashplus: Based in London, England. They are a digital challenger bank for small businesses.
Dozens: Based in London, England. They have raised £3.8M. They offer accounts, a budgeting tool, and an investment provider in one app, along with cash rewards for good financial behavior.
Pockit: Based in London, England. They have raised £11.1M. They focus on offering banking capabilities to the millions of people in the UK that are overlooked by traditional banks.
Create a Challenger Bank or Banking Components with Hydrogen
Hydrogen provides a configurable API platform and no-code solutions with all of the data storage, analytics, business logic, and UI needed to build a cutting edge challenger bank application or banking components in the United Kingdom and globally. Building these types of solutions can be difficult, frustrating, and extremely time-consuming. Through our numerous integrations, we’ve done all the heavy lifting for you.