" class="no-js "lang="en-US"> The UK’s Top 3 Digital Banks & An Outlook Over The Last 30 Days
Friday, March 29, 2024

The UK’s Top 3 Digital Banks & An Outlook Over The Last 30 Days

These are the digital banks that are leading the United Kingdom at this very moment. From the 2008 financial crisis, of course, we’ve all witnessed the shift from traditional banking services to online banking. The process has been gradual, but has accelerated in recent times and is constituted by different degrees of banking service digitisation. That process is why we’re all here, but in our continuous forward march to progress, it is imperative that we look side by side and see how far we have come. Too often, in looking ahead we can ignore what is right in front of us. These 3 digital banks have gained their status for a reason. In an era of unpredictability, I want to highlight how even just within the last 30 days, these digital banks have proven their exceptionality. 

Revolut 

Revolut, the financial super app, prides itself on helping individuals manage their money, from everyday spending to planning future investments. With over 18 million personal users, 500 business users, 35+ countries supported and 30+ in app currencies, Revolut is no doubt on top.

Obviously, the conflict between Russia and Ukraine is central to so many current discussions. These are dark times, but thankfully the humanity of our society appears to be showing solidarity in ending the conflict. Revolut, much like many other financial organisations, have not shied away from this responsibility and are to offer payment services to Ukrainian refugees displaced by the invasion. 

Over two million Ukrainian refugees have already left the country. Revolut intends to ease account setup documentation requirements for those who have been displaced as well as waive a number of FX transfer and top up fees for those affected. Those who have crossed the border will be able to access their money by linking the Revolut app to their Ukrainian bank account, opening a financial corridor. With no monthly fees on the standard account and a limit of €1,500 a day via outbound bank transfer and Revolut peer to peer, Vlad Yatsenko, Co Founder and CTO of Revolut noted how “I am immensely proud to be part of a British fintech that can quickly help the Ukrainian people in their time of need.”

OakNorth 

Back in 2005, OakNorth’s founders Rishi Khosla and Joel Perlman, were looking for a working capital facility to support their growing business, a financial research outsourcing company. Now, OakNorth is one of the largest digital banks in the UK, winning awards such as being the LendTech of the year in the 2021 US Fintech Awards and the Best US Technology Firm with a SaaS Offering in the 2021 World Business Outlook Awards.

On the 15th March, OakNorth announced they’d provide loans to Strawberry Fields Nursery and Preschool to pursue a “buy and build” strategy to expand its portfolio of nurseries with swimming academies. The swimming academy has clearly been playing an important social role amongst the Chorley local community with classes at the swimming academy already at 80% capacity. Commenting on the transaction, Simon Redwood, Director of RedRose Leisure Group, said: “Our aim with Strawberry Fields is to create a leading independent nursery business where kids can learn in the classroom and the pool. Learning to swim doesn’t only provide numerous physical health benefits, but also has significant mental health benefits as well, as the earlier a child starts swim lessons, the more self-confident they become.” OakNorth facilitating this is a key testament to their virtue. 

OakNorth also caught headlines this month after it completed its £40M loan to Grosvenor Hill Social Impact Group who are offering innovative solutions to tackle the social housing and care crisis. Social housing seems to be underfunded at the moment, as to meet the housing needs in England over the next decade, 145,000 social and affordable homes are needed to be built, including 90,000 for social rent. Given that only 47,000 affordable homes were completed in 2017/2018 and less than 6000 for social rent, this venture will help support society by filling a clearly evident gap. 

Monzo

Since their inception in 2015, Monzo have catapulted to stardom and established itself as a familiar, fun and favourite name amongst consumers, with 6 million users around the world using the coral cards to manage their money.

March hosted International Women’s Day and Monzo commemorated how their employees who identify as women got into fintech despite initially feeling that there was perhaps not space for them in the industry. It was pleasing to see that occupation was given attention to by Monzo, as they shared how Maja Bayyoud entered the industry. “I never thought I’d end up in Fintech”, said Bayyoud, but “knowing that our tone of voice makes money just a little less overwhelming for people is what it’s all about for me.” Monzo also highlighted the story of Knowledge Management Lead, Jen Lambourne who after a tour of tech writing in government, is now Monzo’s “in-house librarian” surrounded by inspiring and intelligent software engineers and technical writers. Several other employees and their remarkable contributions to the field were also noted and are viewable here! 

People In This Post

Companies In This Post

  1. Marco Santos to Become CEO of GFT Technologies SE Read more
  2. PayPal Plans to Appoint Carmine Di Sibio to Board of Directors  Read more
  3. Yapily Named a Supplier on Crown Commercial Service’s Open Banking DPS Framework Read more
  4. allpay Appointed as Official Supplier on Crown Commercial Service’s Open Banking and Fund Administration & Disbursement Services Dynamic Purchasing Systems Read more
  5. Oliver Wyman Announces Mariya Rosberg as Americas Head of Banking and Financial Services Practice Read more