DIGITAL

BANKS
 T O P 10

64

10 Neat
Hong Kong
Part of a new wave of digital banks springing up in Hong Kong, Neat
was founded in 2015 by David Rosa and Igor Wos. While the bank
offers a personal current account service, which contains an option for
a prepaid Mastercard aimed at users travelling abroad, Neat’s flagship
service is its business account. Offering corporate Mastercards with
competitive exchange rates, budget management software and trans-
action recording for expensing purposes, the Neat Business account
is principally aimed at startups and SMEs, aiming to provide a versatile
alternative to establishment national business banking options.

JUNE 2019
 65

09 Doconomy
Stockholm
The youngest and smallest online bank on the Top 10 list, Doconomy
was founded in 2018 and operates from offices based in Stockholm,
Sweden. Billed as a mobile banking service for everyday climate action,
Doconomy helps its users understand the environmental impact of their
purchasing decisions. Its first solution, DO, was launched last year and
is the world’s first credit card that allows users to track their carbon
impact and compensate by investing in sustainable, positive impact
projects. “We want to enable and encourage behavioural change. It
should be easy to manage consumption and savings, as well as choose
a more sustainable lifestyle,” says Doconomy CEO, Nathalie Green.

w w w.f i nte c hma ga z i n e. com

 T O P 10

66

08 Nubank
São Paulo
The leading fintech in Latin America, Nubank, is headquartered in
São Paulo. The company launched its first product, a fee-free
credit card, in 2014 and now has over 6mn users. To date, Nubank
has raised in excess of US$420mn, including $180mn from Chinese
internet giant Tencent in October 2018. The Tencent investment
pushed Nubank’s valuation beyond $4bn, making it the third Latin
American company in history to achieve unicorn status.

JUNE 2019
 67

07 N26
Berlin
Founded in 2013 as Number 26, today the German digital bank and
card provider has over 26mn users in 24 markets across the UK
and Eurozone, with plans to enter the US market in 2019. N26 has
raised more than $500mn from the world’s most established
investors, including Insight Venture Partners, GIC and Tencent.
Like most cutting-edge digital banks, N26 offers its users an online
current account with an intuitive app, money management solutions
and fee-free foreign currency withdrawals.

w w w.f i nte c hma ga z i n e. com

 T O P 10

68

06 Up
Melbourne
Founded in 2017, Up Banking is based in Melbourne Australia, and was
designed, developed and delivered through a collaboration between
Ferocia and Bendigo Bank. As standard, Up offers a standard card
and current account service. Where the bank excels is in its financial
insights, which are designed to give its users complete clarity on where
and when they spend their money. From location, time and recipient
identity, Up creates month by month spend analysis and insights for
its users.

JUNE 2019
 69

05 Tangerine
Toronto
Tangerine Bank, a subsidiary of ScotiaBank (the third-largest financial
institution in Canada), was acquired in 2012, making it one of the
oldest digital banks on the Top 10 list. Due to the backing of a larger
traditional bank, Tangerine offers users a wider range of services
than the traditionally specialised offerings from independent banks.
A money back credit card, low-fee investing, business accounts,
chequing accounts, GICs, Mortgages and tax-free savings accounts
are among a few of the products on offer.

w w w.f i nte c hma ga z i n e. com

 T O P 10

70

04 Starling Bank
London
Based in the UK, Starling Bank was founded in 2014 by former Allied
Irish Banks COO, Anne Boden. Setting itself up in opposition to other
digital banking heavyweights like Monzo and Revolut, Starling has
quickly racked up a number of awards for its slick service – winning
Best British Bank, Best Current Account and Best Business Banking
Provider 2019. Starling also specialises in business with the Eurozone,
allowing users access to a free Euro account.

JUNE 2019
 71

03 Revolut
London
Founded in the UK by Russian entrepreneurs Nikolay Storonsky and
Vlad Yatsenko, Revolut is one of the leading faces of UK challenger
banking, achieving Unicorn status in April 2018. Its online service
allows users to convert money into 24 currencies, up to £5,000
a month, as well as use money management tools and engage in
cryptocurrency trading. Revolut is currently pursuing or recently
acquiring banking licences in the UK, US and Russia.

w w w.f i nte c hma ga z i n e. com

 T O P 10

02 Chime
San Francisco
Headquartered in San Francisco, the capital
of the US West Coast’s fintech economy,
72 Chime is leading the campaign to provide
Americans with quicker, easier banking
options than those offered by traditional
banks. Because Chime deposits salaries and
other payments immediately into consumer
accounts once it receives notification of
a pending deposit, users of its service can
reportedly receive money two days faster
than through traditional banks. Earlier this
year, Chime closed a $200mn funding round
and reportedly plans to use funds to continue
its rapid growth, as well as introduce new
products in the credit and lending space
over the course of 2019.

JUNE 2019
 T O P 10

01 Monzo
London
Among the UK’s leading challenger banks,
Monzo offers everything you’d expect from
a digital bank – a well-designed app, free
74 international payments, money management
advice, etc. The company has also placed its
vibrant, coral pink cards into the hands of
over 1mn users, and by February 2018 over
£2bn had been spent through the bank.
In May, Monzo launched its new, Monzo Plus
product as part of a campaign to make 2019
the company’s most feature-packed year to
date. Co-founder and CEO, Tom Blomfield
said: “We want to finish 2019 with a whole
host of new features that make people say
‘I can’t believe banks haven’t always done it
this way.’ And over the next year, teams
across the company are going to work on
actually building those features.”

JUNE 2019