In 2015 and 2016, a new breed of challengers have emerged – the digitally focused challengers, such as Atom, Fidor Bank, Monzo and Starling, are continuing to grow with a number of them seeing improvements in profitability. These challengers are distinguishing themselves through transparency, superior data analytics, cheaper banking services and simpler business models that provide them a cost advantage.
Today, we take a look at the world’s top ten neo-banks and challenger banks. Atom Bank Atom Bank is a UK digital challenger bank founded in 2014 by Metro Bank co-founder Anthony Thomson. It received a full license from the Bank of England in June 2015 and launched in full after its regulatory authorization restrictions were lifted in April 2016. Atom Bank aims at offering mobile personal banking and savings as well as business banking, loans, and mortgages. The startup has raised over US$166 million in venture capital from BBVA, Toscafund Asset Management, Anthemis Group, among others. Moven Founded in 2011 by Brett King, Moven is a neo-bank that partners with CBW Bank on its direct-to-consumer product. Moven provides a mobile first experience platform that connects a bank’s products to the end consumer experience.