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.
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.
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.
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.
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