I continue to keep an eye on the growth of UK’s challenger banks due to two reasons:
- For my own interest as a human and a director of multiple companies.
- At UnifiedVU, we want to unify your financial and payment worlds including risk and governance.
So here is a quick summary of current status:
1. Tide Bank
Offers a business account for one user on one device. According to CEO, George Bevis, his team is in the process of building functionality to support multiple devices and multi users. Hope this extends to supporting multiple accounts on the same device.
2. Revolut Bank
Offers personal (free and premium) and business accounts build around foreign exchange. Business account fees start at £25 per month. So not great for pre-revenue self-funded tech startups but great if you are already generating revenues and have customers and suppliers abroad.
3. Coconut Bank
Setup for freelancers.
4. Monzo
Setup for personal use only, and I am regular user. I love how they notify payments immediately, both visual display and sound. This removes the need for paper receipts as the transaction is immediately verified.
5. Atom bank
Only for personal use
6. Starling Bank
Only for personal use
7. Tandem
Only for personal use
8. Fire
https://www.fire.com
So who have I missed?