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Digital banks, challenger banks, neo-banks, bank challengers in Europe

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Funding & Valuation
Challenger banks are increasingly attracting the attention of investors including VC, crowdfunding platforms etc. In fact, according to industry representatives, the funding that investors are willing to pledge significantly exceeds the needs of quality projects currently available within the sector. As a consequence, owners of highly promising projects have the comfort of picking suitable investors and are able to consider multiple commercial and non-commercial aspects when selecting the right partner.

Future outlook

The growth of banking challengers is still in an initial stage and the actual disruption of incumbents is very small. A closer look at Europe (EU) with the population of 430 million bankable individuals compared with 8 million customers of banking challengers indicates that less than 2 % of the target group has been penetrated so far.

Nevertheless, major European challengers are already looking beyond Europe. For example, N26 is preparing for the North American rollout and Revolut is establishing a foothold in Asian markets, starting with Japan and Singapore.

Considering their future expansion plans and available resources, major European challengers are likely to continue adding new customers fast and they are expected to attract at least 16 million clients by 2020 and 27 million by 2021.

For more facts on bank challengers and payments industry in you might visit the website of Inteliace Research at: http://www.inteliace.com/
http://www.inteliace.com/en/00171_01_Payment_apps_and_systems_in_Europe_2019.html
http://www.inteliace.com/en/00171_02_Bank_challengers_in_Europe_2019.html

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Digital banks, challenger banks, neo-banks, bank challengers in Europe

  1. 1. Inteliace Research PaymentsinPoland,2018 - Bank - Accounts - Payments - 24European markets - EMI - Bank (sinceQ418) - Payments - Accounts - FX - 32 European markets - Bank - Accounts - Deposits - Loans - Payments - The UK - Bank - Deposits - Loans - The UK - Bank - Accounts - Deposits/loans - Payments - Other (marketplace) - The UK, Ireland - EMDAgent - Accounts - Payments - 33 European markets - Bank - Deposits - Loans - Payments - The UK - AR*** - Payments - Loyalty - 27European markets - EMDAgent, EMI - Accounts - Payments - Loyalty - The UK - EMDAgent, EMI - Accounts (SME) - P2P, payments - The UK - EMDAgent - Accounts - Card payments - The UK - Bank licence application pending - Loans (lean) - Initiallythe UK * Or the last available valuation; ** Rough estimates – non market terms funding; *** Appointed Representative of other company , e.g. of a card issuer Source: Corporate websites, industry press, Crunchbase, Inteliace Research 1 2,700 1,700 1,200 585 200-350** 120 78 49 31 26 23 10 N26 Revolut Monzo Atom Starling Monese Tandem Curve Pockit Tide Loot Fiinu The valuationof a few bank challengers has already surpassedUS$1 billion 5.3 5.1 4.4 1.2 2.0-3.5 1.6 1.5 3.8 2.4 0.8 2.3 14.2 Valuation(postmoney) in US$ million,as of Jan 2019* Valuation to funding ratio,(x times) Focus KeyProducts RegionsCompany Company type, licence PARTIALLYESTIMATESSelectedEuropean bankchallengers/non-exhaustivelist/:Valuations
  2. 2. Inteliace Research PaymentsinPoland,2018 Payments,FX (for travellers) Universalbanking, Payments Universal banking, Payments Payments Universal banking, Payments Deposits,Cards,AIS Payments,Loyalty Payments– younger clients Depositsor Mortgage Payments- underbanked Payments- freelancers, soletraders Online/Discountlending * Or the last available figure; Source: Corporate websites, industry press, Crunchbase, Inteliace Research 2 3.3 2.3 1.1 0.8 0.3 0.3 0.3 0.18 0.10 0.10 0.06 0.00 Revolut N26 Monzo Monese Starling Tandem Curve Loot Atom Pockit Tide Fiinu Most bank challengersare valued between $150 and $1200 per single customer 515 1174 1091 150 1000 260 165 130 >5000 312 464 n/a Numberof customers, [no common definition] in million,as of Dec 2018*Company SelectedEuropean bankchallengers:Customers Currentfocus Valuationpersinglecustomer postmoney, in US$, as of Jan2019* PARTIALLYESTIMATES
  3. 3. Inteliace Research PaymentsinPoland,2018 Company Geo focus C/Aaccountor balanceholding Cards& payments P2Ppayments Deposits /Savings Consumer loan,overdraft Mortgage Europe ✓ ✓ ✓    Europe ✓ ✓ ✓ ✓ ✓  The UK ✓ ✓ ✓ ✓ ✓  The UK ✓ ✓ ✓ ✓ ✓  Europe ✓ ✓ ✓    The UK  ✓  ✓  ✓ The UK    ✓  ✓ Europe  ✓     Source: Corporate websites, industry press, Crunchbase, Inteliace Research 3 There are significant differences among bank challengersin terms of product offer and coverage area As ofJan. 2019 Functionalityofselectedchallengerbanksandfintechfirms
  4. 4. Inteliace Research PaymentsinPoland,2018 0.2 1.0 3.1 8.1 2015 2016 2017 2018 Number ofcustomers - Top7 bankchallengersin Europe In million * including: Revolut, N26, Monzo, Starling, Monese,Tandem, Atom Source: Inteliace Research The number of clients of bank challengers has been growing rapidly recently 4
  5. 5. Inteliace Research PaymentsinPoland,2018 Major bank challengers are currently valued at 3.7 times of funding received 1.8 6.7 Funding Valuation * including: Revolut, N26, Monzo, Starling, Monese,Tandem, Atom Source: Inteliace Research, Crunchbase Funding& Valuation-Top7 * bankchallengersin Europe In US$ billion,as of Jan. 2019 3.7x (post money) 5

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