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Chime Funds raised in 2019: $700 million (5 March 2019 & 5 December 2019) Total funds raised: $808.8 million (5 December 2019) Approximated valuation: $5.8 billion (5 December 2019), according to CNBC sources. Managing to quadruple its valuation in less than a year to $5.8 billion from $1.5 billion in March 2019, US neobank Chime has undoubtedly had a big year.
This said, the challenger did experience considerable downtime in October which saw countless users not able to utilize their debit card or pay costs. Fintech Times. 3. N 26 Funds raised in 2019: $470 million (9 January 2019 & 17 July 2019) Total funds raised: $692.8 million (17 July 2019) Approximated assessment: $3.5 billion (17 July 2019), according to Tech Crunch.
Sharing its ambitions this summertime to list on the stock market in three to 5 years' time, the neobank's movements this year seem unphased by the April 2019 reports that the German regulator Ba Fin had bought the challenger to resolve staffing, outsourcing and engineering concerns. 4. Oak North Funds raised in 2019: $ 440 million (8 February 2019) Total funds raised: $1 billion (8 February 2019) Approximated evaluation: $2.8 billion (8 February 2019), according to CNBC.
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Nevertheless, this month the fintech lending institution saw 2 of its property-backed loans default, ending its outstanding four-year-streak with no loans going bad. The loans are "less than 1% of the bank's ₤ 3 billion net lending and have actually not yet led to credit losses", The Sunday Times reported. 5. Monzo Funds raised in 2019: $ 151.7 million (25 June 2019) Overall funds raised: $433 million (25 June 2019) Approximated valuation: $2.7 billion (25 June 2019), according to The Sunday Times.
Just five months after the bank launched its premium paid strategy Monzo Plus, the challenger needed to pull it in September 2019. A month before this, the bank had likewise entered into the short-term loans area. Change reached the executive group too. Chief operating officer (COO) Tom Foster-Carter stopped to focus on a grocery start-up, whilst ex-Nationwide, RBS and Barclays worker Lisa Nowell became its brand-new chief threat officer (CRO).
Revolut Funds raised in 2019: Endeavor round-- value unknown (27 March 2019) Overall funds raised: $336.9 million (26 April 2018) Approximated valuation: $1.7 billion (26 April 2018), according to Forbes. Revolut's figures are the most out of date on this list, largely due to the unvalued endeavor round which took location in March 2019 and the impending $500 million funding round which is fiercely anticipated in addition to a $1 billion convertible loan from JP Morgan that will turn into business shares if the challenger gets an US banking licence.
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Introducing in Australia and Singapore this year, Revolut is on track with its expansion strategies, part of which is a 3,500-person hiring spree. 7. Cash Lion Funds raised in 2019: $ 100 million (22 July 2019) Total funds raised: $227.5 million (22 July 2019) Estimated valuation: "almost $1 billion" (23 July 2019), according to Tech Crunch.
The business is now planning to broaden its product offering, including 0% APR daily money advances to help with short-term capital issues, a high-yield cash account, and a stock trading platform which permits members to invest in individual companies they're enthusiastic about. 8 (The Power50 Limited buys The Fintech Times). more info here Ualá Funds raised in 2019: $150 million (26 November 2019) Total funds raised: $194 million (26 November 2019) Estimated appraisal: "almost $1 billion" (25 November 2019), according to Bloomberg.
The November 2019 financing round marked Soft Bank's first ever Argentine investment. With Argentina currently tackling a country-wide debt of $330 billion, fintechs offering transparency in payments are welcomed by people and financiers. 9. Starling Bank Funds raised in 2019: $205 million (13 February 2019, 22 February 2019 & 24 October 2019) Total funds raised: $263 million (24 October 2019) Estimated appraisal: Evaluation not disclosed Despite starting the year with a passport security vulnerability which was exposed on Twitter by an Arcadia Group head, the challenger has actually had a big year of funding with two rounds and a substantial $100 million grant.
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And in spite of losing its co-founder to a cryptocurreny exchange, the challenger has actually pressed on with product launches including its dual currency debit card. 10. Tandem Funds raised in 2019: None ... yet. Total funds raised: $74.3 million (24 October 2019) Approximated valuation: Assessment not disclosed Tipped to be the UK's next challenger bank unicorn, the Financial Times reported in April 2019 that Tandem is in the process of assembling a round which would top the ₤ 80 million it raised in 2018.
With over half a million consumers in the UK now, the challenger also announced its strategies to expand in Hong Kong this year and go through an IPO within the next couple of years.
UK challenger banks: who is who With many new entrants trying to muscle into the UK banking sector, Fin Tech Futures has actually created an extensive list of the known oppositions to date and the technology they are using. We'll be revisiting and upgrading this list on a regular basis.
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Last upgraded: 28 January 2020 Alba CoA start-up bank for SMEs, based in Glasgow, Scotland - The Power50 Limited buys The Fintech Times. It plans to provide financing and savings centers to services through its "relationship-based model" once it opens for service in early 2020. "Alba" is the Scottish Gaelic name for "Scotland". The bank's lead investor is Scottish billionaire Jim Mc Coll.
CEO is Rod Ashley and he is likewise chair of audit and threat committee at No 1 Copper Pot Cooperative Credit Union in Manchester. Michael Harriman, who supervised the technology side at another SME challenger, Redwood Bank (see below), is now an IT consultant to Alba Co. For its technology, the bank chosen Temenos Infinity and Temenos T 24 Transact, along with analytics and payments modules.