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.
Earlier 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?
Make your picks for Paybefore’s top 5 Best Challenger Banks list below. Our short list is by no means exhaustive, and write-ins have run away with previous polls. 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.
Share your opinions through July 31. The top 5 vote-getters will be profiled on Paybefore.com. For the results, sign up for Paybefore’s free industry newsletter.
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Image Credits: Shutterstock/Zemler