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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.
Founder: Anthony Thomson
Funding: $167.16M in 2 rounds from 4 investors
Products/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.
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.
Founder: Alick Varma
Funding: $11.22 Mn
Products/services: Osper App, Osper Link, prepaid debit card, Osper Allowance, etc.
Mondo: Mondo 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.
Founders: Gary Dolman, Paul Rippon, Jonas Huckestein, Tom Blomfield, Jason Bates
Funding: $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.
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.
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.
Founders: Shamir Karkal, Alex Payne, Joshua Reich
Funding: $15.29 Mn
Products/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.
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
Continue exploring more mobile-only banks here.