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07.14.17

Vote for the Best Challenger Banks

The term challenger bank is used most often in Europe, where startups—with a heavy concentration in the U.K.—are vying for mobile-first consumers and more than 138 million consumers without formal banking relationships, according to Mastercard research.

In July one such challenger, Revolut, announced a $66 million funding round, which it’s promising to use to go global. Revolut is eyeing North America as one of its first stops, where it will go up against the likes of GoBank and Moven and a host of newer entrants.

The question is who will be victorious in the battle for mobile banking customers?

Although we are using the term “challenger bank”, we aren’t picky about whether or not a company has a banking license, which requires much heavier lifting in markets like the U.S. We’re more concerned about whether the companies have a legitimate shot at displacing traditional banks or supporting customers that have been left out of financial services.

Voting ended on Aug. 1. Thanks to all who participated!

Our Top 5 Best Challenger Banks, which will be profiled on Paybefore.com, are:

  • Cashplus
  • Varo Money
  • Capital on Tap
  • Revolut
  • Fidor

To read about these innovators and more fintech news, sign up for Paybefore’s free industry newsletter.

Past profile series include:

 

Image Credits: Shutterstock/Zemler

22 thoughts on “Vote for the Best Challenger Banks

  1. Cashplus for their debit, currency and credit cards. A real challenge to the high street banks for their payment solutions.

  2. Varo is definitely the best on this list. I love being able to see all of my accounts in one place and they already saved me money by calling out credit card fees to me that my CC shouldn’t have been charging! Crazy.

  3. Cashplus is an amazing bank and make things so simple, always someone ready to lend a hand and answer questions.

  4. Personally love my Cashplus Business Current Account – was great to have it opened in a few mins after massive hassle with my own bank.

  5. Half of these names are not even banks…they are just prepaid card program managers marketing a bank product. What should matter is NPS, growth and profitability…and having a real banking license and being compliant with regulations.

  6. To Bjorn’s comment a challenger bank does not require a banking licence, it may use the bank licence of another party in an agency banking relationship to povide the same sort of services as you would get in a full bank relationship. To that end Bank Lite products, delivered by emoney regulated companies are the real challenger banks as they can offer services and cost structures even many new Bank Regulated cannot.

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