New banks

Monese tops the 1 million customer mark

  • Monese hits an important milestone half a year after raising its Series B.
  • Importantly, the challenger banks sees people depositing their paychecks into their accounts.
Monese tops the 1 million customer mark

Challenger bank Monese announced today that 1 million people had signed up for a bank account with the firm. Customer growth has tripled in 2018, and the company claims that over 3,000 people join the UK-based upstart bank everyday.

What’s the big deal: While Monese’s top-line numbers may not be as big as market leaders N26 or Revolut, its pan-European strategy is paying off. Demand for Monese across mainland Europe surpassed that of the UK in November 2018, and in March 2019, two-thirds of all sign-ups to Monese were in mainland Europe.

While challengers open plenty of new current accounts, many question whether people are using those accounts. Monese maintains that 70 percent of the incoming funds it sees are salary payments.

“Back in 2015, we launched Monese with two beliefs,” said Norris Koppel, founder and CEO of Monese. “First, banking should be truly global. The second, technology should give everyone access to modern, convenient and affordable banking services. Today, we feel closer to both of these goals. The fact that we are used as a primary account by the majority of our customers tell us we are meeting a real need.”

New banks

Dan Ariely on how Qapital uses behavioral finance principles to help people save more

  • Renowned behavioral economist Dan Ariely has spent a career thinking about how to get people to save more.
  • He was recently named chairman of the board of Qapital, a challenger bank.
Zoe Murphy | May 24, 2019
New banks, Podcasts

Behind the scenes of OakNorth’s mortgage product launch with CFO Cristina Alba

  • OakNorth is a UK challenger bank that's really focused on SME lending.
  • The company recently launched a mortgage product aimed at the same entrepreneurs.
Zack Miller | May 23, 2019
New banks, Podcasts

BankMobile’s Luvleen Sidhu on T-Mobile MONEY, banking college students, and leveraging partnerships for growth

  • T-Mobile now offers banking services and a very aggressive interest rate.
  • Through this white label partnership, BankMobile reaches more end customers.
Zoe Murphy | May 21, 2019
New banks, Podcasts

The Challengers 6: OakNorth’s new mortgages — Chase’s banksplaining backlash — N26 goes into Brazil

  • On today's episode, your hosts focus on OakNorth's new mortgage product and Chase's tone deaf Tweet.
  • Banks and fintech apps must do a better job helping customers make better financial decisions.
Tearsheet Editors | May 09, 2019
New banks

OakNorth launches mortgages for entrepreneurs

  • OakNorth has lent over £3 billion in debt financing to UK entrepreneurs.
  • Now, it will underwrite mortgages for its clients.
Michael Deleon | May 07, 2019
More Articles