Sammaan Capital offers loans such as home loans, home loans for NRIs, and loans against properties at affordable interest rates for salaried and self-employed individuals within a shorter period. The company is based in India and it was founded in 2000.

Sammaan Capital

Toscafund Asset Management is a is an employee owned hedge fund sponsor that provides its services to pooled investment vehicles. Toscafund, founded in 2000 by Martin Hughes, has evolved into a leading multi asset manager. Funds managed include global equity financials, commercial property, UK debt and activist strategies. Clients of Toscafund include pension funds, international institutional funds, private family offices and high net worth individuals. Funds managed for a broad investor base include global equities, hedge funds, commercial and residential property funds, activist fundsm debt capital and UCITS funds.

Toscafund Asset Management

The Clermont Group is a private investment group based in Singapore. Since 1986, they have invested globally in public and private equity across a range of industries, including energy, financial services, consumer, and healthcare.

Clermont Group

Coltrane Asset Management they offers financial and investment services such as asset and investment acquisition, consultation, advisory, and development.

Coltrane Asset Management

GIC is a global investment firm established in 1981 to manage Singapore's foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate, and infrastructure. GIC invests through funds and directly in companies, partnering with its fund managers and management teams to help world-class businesses achieve their objectives. In tech investing, GIC seeks to be a lifetime partner to the companies it invests in. GIC has investments in over 40 countries around the world. Headquartered in Singapore, GIC employs over 1,700 people across 10 offices in key financial cities worldwide.

NIBC is the bank of choice for decisive financial moments.  Our Corporate Banking activities offer a combination of advice, financing and co-investment in the sectors Telecom, Media, Technology & Services, Food, Agri, Retail & Health, Industries & Manufacturing, Infrastructure & Renewables, Commercial Real Estate, Offshore Energy and Shipping & Intermodal.  Consumer Banking offers residential mortgages and online retail saving deposits via NIBC Direct in the Netherlands, Belgium and Germany.

NIBC Bank N.V.

Investing since 1991, EDBI is a Singapore-based global investor in select high-growth technology sectors ranging from Information and Communication Technology (ICT), Emerging Technology (ET), Healthcare (HC), and other strategic industries. As a value-creating investor, EDBI assists companies to achieve their ambitious goals by leveraging their broad network, resources, and expertise. With their patient capital, EDBI supports companies seeking to grow in Asia and globally through Singapore.

EDBI

Alanda Capital Management is an investment firm focused on TMT, consumer, and business services sectors.

Alanda Capital Management

SoftBank Vision Fund is a subsidiary of Softbank Group that specializes in growth capital and social impact investments. Sectors that the fund invests in include the internet of things, artificial intelligence (AI), robotics, communications infrastructure, telecoms, computational biology, biotech, cloud technologies and software, consumer internet businesses, financial technology, and mobile apps. The Fund is designed to be a catalyst for technology progress in anticipation that it will expand SoftBank's capabilities, accelerating progress towards SoftBank 2.0. It aims to invest in businesses and foundational platforms that SoftBank believes to revolutionize and innovate the world tomorrow.

SoftBank Vision Fund

OakNorth

Literacy Capital is a closed-end investment company focused on investing in and supporting small, growing UK businesses and helping their management teams to achieve long-term success. The team's core focus is investing in businesses where a clear route to creating additional value can be seen They invest in a wide variety of types of businesses and situations with the intention of helping management teams scale and grow their businesses. Their fund structure & investment approach is unusual for the industry. This gives them greater flexibility & better alignment with their management teams & investors.

Spy Alarms is a UK provider of electronic security and fire services. The company offer hassle-free installation, repair and maintenance for CCTV, fire and burglar alarm systems.

Mamas & Papas started life as a small family business, and for over 30 years we’ve been combining thoughtfully designed products

Veld Capital is a private investment firm that specializes in credit-oriented opportunities across various asset types. The firm operates with a focus on delivering strategic investment solutions. With a team of professionals, Veld Capital engages in corporate debt investments and has a portfolio that includes real estate investments. The company provides services to a diverse client base, aiming to manage investments effectively through its expertise in the financial services industry. Veld Capital processes personal data in compliance with data protection laws, ensuring confidentiality and security in its operations.

F1® Arcade is an immersive hospitality concept that offers the thrill, glitz, and excitement of Formula 1 racing to the general public. F1 Arcade features state-of-the-art, full-motion racing simulators that offer an authentic Formula 1 driving experience. These simulators are developed in collaboration with Studio 397, a subsidiary of Motorsport Games, using their rFactor 2 racing simulation platform​. The venues are designed for social interaction, with racing competitions, reaction games, and large viewing screens that display live races and other sports events. This creates an engaging and vibrant atmosphere for groups and individuals alike.

Honey will create homes where smarter designers create more interesting spaces.

Ambassador is a UK-based property investment, development, asset management, capital raising, and advisory firm.

Hurstwood is a property investment and development company. Hurstwood offers a comprehensive range of professional services, from asset management and development to lettings and investment, allowing it to respond quickly and effectively when making critical decisions.

This made Sticks’n’Sushi a dynamic and innovative force on the Danish gourmet scene.

Storal Learning owns and operates several nurseries across England. Storal Learning provides a homely, safe and creative space for children to learn, develop and grow.

Saxon Trust is a property lender built to support developers and investors. It offers products including development finance, mezzanine finance, developer exit loans, bridging finance, and developer VAT loans. It is founded in 2006.

MoneyPlus is a consumer services company that provides a variety of legal and financial advisory services.

OneMedical Property design, invest in, manage and develop NHS healthcare properties for communities across the U.K.

Eccleston Square Hotel – Boutique Hotel in London, 37 Eccleston Square, London SW1V 1PB, +44 20 3489 1000. London's Most Hi-Tech Hotel & a proud member of Design Hotels, come & discover our London luxury hotel today!

Sentry Doors is a specialist manufacturer of timber fire and security door-sets for the social housing, public sector, commercial and residential markets.

MoneyPlus Group (MPG) is a privately-owned group of financial services companies with one common focus – giving their clients a better deal. Within the group are a number of consumer-facing trading styles – such as Chiltern, The Debt People and Hamilton Locke. Between these and their partners they offer virtually everything to improve your client’s financial situation – from repayment plans, like Debt Management and IVAs, to a unique solution that lowers household bills (and everything in between).

ASK is a residential and commercial property lender that offers real estate finance solutions.

bunnyhomes offers homes to buy and homes to rent.

Zetland Capital investing in mid-market European special situations across a wide range of sectors with a focus on tangible assets.

Apprentify is offering an approach to finding apprentices for digital marketing, junior content producer, data analyst, and software developer.

Springfield Healthcare Group, an independent provider of domiciliary care in Yorkshire and Humberside, UK. Led by Chairman, Graeme Lee, Springfield Healthcare was established in 1967 as a single family-run care home and has since grown steadily, now providing care to nearly 2,000 clients each day.

Scarborough Group International is a long-established property investment and development business with a global reach and enviable reputation for delivery.

Signet Hotel Group is a national hospitality specialist.

Kolte-Patil has been creating landmarks for 25 years.  Founded 2 decades ago and guided by a simple yet profound philosophy; 'Creation, not construction', Kolte-Patil Developers Ltd. is one of the foremost real estate companies which is headquartered in Pune. Listed on NSE and BSE Kolte-Patil is Pune's largest developer and has completed 1 crore sq. ft. of landmark developments in Pune and Bengaluru. It is also present in Mumbai with some upscale redevelopment projects.  Headed by a team of visionaries and dynamic leaders, Kolte-Patil has till date built projects in multiple segments such as residential, commercial, retail, IT parks, and integrated townships. The long standing mission of the company is to dedicate itself to create spaces that blend in with the surroundings and exude vitality and aesthetic appeal, making the spaces present-perfect and future-proof. The core values of the company honesty, innovation, excellence eco-friendliness, technology, sustainability, value and commitment to time schedules are perfectly aligned with the living and working spaces it builds.

Staycity is a serviced apartments provider.

Riverside Capital is an FCA authorised and regulated full-service property investment company. They provide a platform for professional investors and intermediaries to access and invest in the UK commercial property market. Their primary service is direct property investment. They scour the UK property market to offer investors regular opportunities to invest directly in UK property assets, on a deal-by-deal basis. Their highly experienced asset management team advises on the purchase of every asset they take to their investors and then manages these assets to deliver income and capital growth.

At LV Care Group they are ambassadors for independence and quality of life. As a locally run, locally owned and locally focused care group they want to do what is right for you and your family. They know there is no one solution for everyone.

Bright Minds is a leading children's nursery group in Birmingham. We are a child centred organisation created to provide families with high quality, rich & stimulating nursery environments which offer the highest level of care, support and learning facilities for children during their early years.

It started like a fairytale. Once upon a time, two Scottish brothers decided to build a magical hostel. Together, they imagined a place where travellers would find a home away from home and make new friends when they were only expecting a place to crash. They tailored spaces where everyone could laugh loudly, sleep deeply and slowly fall in love with Edinburgh. They called this place, The Baxter.

Ocea specialise in commercial to residential property conversion, primarily office buildings into apartments under permitted development.

WMG Investments is''WMG Investments: Finance arm of Wasserman Media Group, LLC (WMG). WMG is a sports marketing company that was started by Casey Wasserman. Wasserman graduated from UCLA with a major in Political Science and is now also an owner of the Los Angeles Avengers football team.''

NetPay is a multi-channel, payment service provider that offers a range of online processing, payment terminal and merchant services to the wholesale, indirect reseller and corporate markets.  NetPay enables organisations to become a ''VPSP'', a virtual payment service provider, giving them the capability to deliver payment solutions to their customers without the required expertise, cost and complexity of building the necessary infrastructure, embarking on the lengthy process to become PCI DSS Level 1 compliant or going through the accreditation processes with the acquiring banks.

OakNorth had a fundamental purpose: to serve and empower established small-to-medium sized businesses (SMEs) that were seeking to scale but were routinely underserved or overlooked by traditional banks: what it calls the ‘Missing Middle’. Its founders, Rishi Khosla and Joel Perlman, had experienced this first-hand while scaling their previous company - Copal. In 2015, three years after launching that business, they applied for a bank loan and the ‘computer said ‘no’’, despite their business being profitable. The products, services, and experience needed to make their lives as a scaling business easier, and enable them to reach their full potential, were ‘missing’ from banks’ offerings. As entrepreneurs, their response was to build what was missing: a neobank for entrepreneurs, by entrepreneurs. To date, its bespoke debt finance solutions have supported property developers, care homes, specialist schools and nurseries, hotels, bars and restaurants, pub operators, as well as fund and specialist finance providers. With a range of specialist secured and unsecured business loans, OakNorth caters to the growth plans of businesses, without asking them to give up equity. Despite experiencing not one, but two unprecedented events – Brexit and COVID-19 – since its launch, the bank has continued supporting growth businesses across the UK. It’s lent over £10 billion to date, directly helping with the creation of almost tens of thousands of new jobs and new homes (the significant majority of which are affordable and social housing). Its data-led approach allows it to look at the future, rather than just fixating on the past, meaning it avoids making decisions based on outdated financials. Using data and analytics, it builds up a granular view of every business in its portfolio, combining this with forward-looking scenario analysis, to enable it to be a trusted funding partner as the business scales, and continue confidently lending through economic cycles and unprecedented events. By behaving as reliable, long-term partners to its customers throughout the pandemic, rather than just bankers, it has been able to make them its best advocates. As a result, c.80% of its new lending comes via referrals, and 40% of its borrowers are repeat customers.

Based in the UK, OakNorth is a neobank serving SMEs and individuals. It is authorized and regulated by the Prudential Regulation Authority and Financial Conduct Authority. The company also obtained <a href="https://sp-edge.com/updates/32990">authorization</a> from the Federal Reserve and the New York State Department of Financial Services (NYDFS) to establish a Representative Office in New York, to market its products and services in the US. It also aims to obtain a US banking charter to further expand operations.

Making banking work, without the paperwork

Neobanks

OakNorth Provides $25.1m Note-on-note Facility to Mavik Capital to Finance the Conversion of Vacant Hotel in Syracuse, New York Into Multifamily Property

Literacy Capital

Spy Alarms

Mamas & Papas

Veld Capital

F1 Arcade

Liberty Media

Permira Credit

Cheyne Capital Management

Mon Protocal

Studio369 and Mon Protocol form collaboration to combine player communities

Metaverse Platforms

Platforms that focus on multiplayer gaming experiences in virtual worlds

StormForge

OakNorth partners with Marqeta to offer commercial card for SMEs

Platforms offering digital checking and savings accounts that target businesses and freelancers

honey

Ambassador Group

Hurstwood

Sticks'n'Sushi

Storal Learning

Graphite Capital

Saxon Trust

MoneyPlus

OneMedical Property

Eccleston Square Hotel

Sentry Doors

MoneyPlus Group

bunnyhomes

Zetland Capital

Apprentify

Springfield Healthcare

Scarborough Group International

Signet Hotel Group

Kolte-Patil Developers

Staycity

Riverside Capital

LV Care Group

Bright Minds Daycare

BXTR

Ocea Group

WMG Investments

Based in the UK, OakNorth is a neobank serving SMEs and individuals. It is authorized and regulated by the Prudential Regulation Authority and Financial Conduct Authority. The company also obtained <a href="https://sp-edge.com/updates/32990">authorization</a> from the Federal Reserve and the New York State Department of Financial Services (NYDFS) to establish a Representative Office in New York, to market its products and services in the US. It also aims to obtain a US banking charter to further expand operations.For SMEs, it offers business loans, savings accounts, and everyday banking solutions aimed at medium-sized businesses with revenues between GBP 1 million and GBP 100 million. Everyday business banking solutions include financial tools and insights to help businesses grow, as well as an assigned “Business Partner,” who will provide tailored information and OakNorth products.For individuals, it offers a range of personal services including savings accounts, fixed-term deposits, and Easy Cash ISAs.&nbsp;In 2023, OakNorth’s net interest and fee income was GBP 296.7 million (~USD 378 million) up by 34.2% YoY, and its net profit was GBP 138.4 million (~USD 176.3 million) up by 22.2% YoY.The bank issued over GBP 1.7 billion (~USD 2.1 billion) of gross new lending facilities in 2023, bringing the total loans issued since its launch in September 2015 to over GBP 10 billion (~USD 12.4 billion). A portion of the new lending facilities, approximately USD 200 million, was to businesses in the US.&nbsp;Key customers and partnershipsIn 2023, the company had over 254,000 customers.In April 2024, OakNorth partnered with <a href="https://sp-edge.com/companies/64287">Marqeta</a>, a financial services platform, to offer <a href="https://sp-edge.com/updates/28834">commercial card services</a> for its business customers.

Brazil-based Nubank offers banking products and services via a web portal and a mobile app, with the application process being done entirely online. The company serves both B2C and B2B segments and operates in Brazil, Mexico, and Colombia.&nbsp;The company initially entered the neobanking space in 2014 by offering credit cards and focused on providing it at low interest rates, compared to established banks. Since then, the company has grown to offer the full spectrum of banking services, which includes checking accounts, debit cards (with ATM access), credit cards, and loans, following the receipt of its own banking license in Brazil in 2017. Checking accounts and debit cards are offered free of charge, and the company therefore solely generates income from these accounts from ATM and interchange fees.In addition to its banking products, the company also offers life and mobile insurance products and Peer to Peer (P2P) payment options via Pix (a payment platform introduced by Brazil’s Central Bank). The company also offers in-app shopping at retailers such as AliExpress, Dafiti, and Magalu, as well as a rewards program that enables customers to earn and redeem points at selected merchants.Nubank also caters to businesses offering digital business accounts and credit cards (virtual and physical cards). The business account enables customers to automate payments as well as earn points on credit card purchases. The credit cards are also compatible with digital wallets such as Google Pay, Apple Pay, and Samsung Pay. The company also offers a payment solution via its app called NuTap, which allows businesses to accept contactless credit and debit payments.Nubank also provides a trading app–NuInvest–through which its Brazilian customers can trade stocks and cryptocurrency, with the company charging ~0.02% per transaction. In addition, it launched its loyalty program, backed by its native cryptocurrency Nucoin, to customers in Brazil <a href="https://sp-edge.com/updates/16847">in March 2023</a>. Members will receive a fixed amount of Nucoins for every BRL spent with their debit or credit card as well as on any cryptocurrency purchases through its app. The Nucoins can be converted into cash or frozen and used to advance in the loyalty program and gain access to future incentives such as coinback rewards and lottery tickets. Moreover, Nubank was selected by the Central Bank of Brazil in August 2023, to <a href="https://sp-edge.com/updates/21164">test Drex</a>, a central bank digital currency (CBDC); the pilot phase is expected to be complete by the end of 2024.Moreover, Nubank has expanded its footprint to Mexico and Colombia. In Mexico, the company provides savings accounts, credit cards, and <a href="https://sp-edge.com/updates/21583">personal loans</a>. It has also applied for a banking license in Mexico to further broaden its services, including investments, payroll portability, and accounts with higher deposit limits. In Colombia, it only offers credit cards. However, it obtained <a href="https://sp-edge.com/updates/25297">regulatory approval</a> to operate as a financing company in January 2024, which allows the company to expand its services to provide savings accounts and other financial offerings.In <a href="https://sp-edge.com/updates/30850">June 2024</a>, Nubank acquired Hyperplane, a Silicon Valley-based data intelligence company building foundation models for banks, for an undisclosed sum. It planned to utilize Hyperplane's AI and data analytics capabilities to train and develop deep-learning models on first-party data to generate insights and enhance its decision-making processes.In December 2021, Nubank was listed on the New York Stock Exchange (NYSE) under the trading symbol NJ, raising nearly USD 2.6 billion, at a valuation of USD 41.5 billion, making it the most valuable listed financial institution in South America.&nbsp;In 2023, the company reported a total revenue of USD 8 billion, marking a 66.67% YoY increase. It also recorded a net profit of USD 1 billion, a significant improvement from the previous year’s loss of USD 364.6 million.Key customers and partnershipsAs of December 2024, the company served more than 93.9 million customers, with the majority located in Brazil.The company partnered with Brazilian lending platform Creditas (<a href="https://sp-edge.com/updates/5565">in September 2021</a>) to allow its customers gain access to the latter’s platform to obtain loans, and EBANX (in July 2023) to launch a new alternative payment service for international purchases called NuPay. In addition, it collaborated with insurance provider Chubb to offer <a href="https://sp-edge.com/updates/19597">life</a> and <a href="https://sp-edge.com/updates/20948">home</a> insurance offerings on its platform.

Nubank

London-based Revolut offers digital banking and lending products to both B2C and B2B segments via a web portal and mobile app. The company holds its own banking license to operate in the UK, Brazil and the European Union.Within its B2C segment, the company offers its products under four tiers. The standard package, which is offered free of charge, enables users to open bank accounts (including joint-accounts), access personal financial management (PFM) tools, make international money transfers and payments, as well as set up bill splitting and recurring payments. The cost for packages with additional features stands between GBP 3.99 to GBP 14.99 per month (for UK customers) and includes features such as insurance, faster money transfers, and disposable virtual debit cards. In addition, Revolut launched <a href="https://sp-edge.com/updates/15855">a top-tier subscription plan called Ultra</a>, priced at GBP 45 per month. This includes a variety of perks such as those centered around travel and investing. The company also expanded into the InsurTech product vertical by launching a new standalone pet insurance product.Business accounts are offered free of charge with additional features (such as multi-currency accounts, debit/credit cards, and financial management tools) being available at GBP 25-100 per month. Revolut also provides hardware for in-person payments in the UK and Ireland through its <a href="https://sp-edge.com/updates/11502">Revolut card reader.</a> It charges GBP/EUR 0.02 + 0.8% per transaction and a one-off cost or customized pricing for high-volume businesses. It also launched an online checkout payment feature (<a href="https://sp-edge.com/updates/12934">Revolut Pay</a>) for businesses, which can be set up on merchant websites and mobile checkout pages via plug-ins or APIs. The company also acquired Nobly POS (Nobly) in November 2021, a technology provider for the hospitality industry, to strengthen its business offering.It also launched a dedicated income, payment, and expense management account–<a href="https://sp-edge.com/updates/13211">Revolut Pro</a>–aimed at freelancers and the self-employed. The account does not charge any monthly fees nor does it require any minimum monthly balance or deposits. In addition to business account features, it also provides a dedicated International Bank Account Number (IBAN) and a 1% cashback debit card to customers. The account can also be used for accepting payments either in-person using the <a href="https://sp-edge.com/updates/11502">Revolut Reader</a> or online with QR codes. In addition, Revolut also offers a streamlined version of its app–<a href="https://sp-edge.com/updates/14797">Revolut Lite</a>–for customers in Latin America, Southeast Asia, and the Middle East, offering cross-border money transfers for free. Moreover, as an alternative to SWIFT payments, Revolut launched <a href="https://sp-edge.com/updates/22016">RevTags</a> for business customers and <a href="https://sp-edge.com/updates/25792">Mobile Wallets</a> for retail individuals, offering a free cross-border payment solution.Revolut also offers a stock trading platform (launched in January 2022) to its US customers, where users can trade over 1,100 securities on the NYSE and NASDAQ, including ETFs and full and fractional shares, at zero commission. It rolled out the platform to EEA customers <a href="https://sp-edge.com/updates/18513">in May 2023</a>, providing access to over 150 ETFs and European listed stocks. Furthermore, Revolut launched a <a href="https://sp-edge.com/updates/19814">robo-advisory platform</a> in the US (in June 2023) and for <a href="https://sp-edge.com/updates/26846">EEA customers</a> (in February 2024), allowing them to automate their investments by selecting from five diverse portfolios based on their risk tolerance. It charges an annual fee of 0.25%, and customers can start investing with a monthly minimum of USD 0.25.In addition, it offers cryptocurrency trading services for customers in Singapore and <a href="https://sp-edge.com/updates/12407">the European Economic Area</a> (through a regulatory approval received from the Cyprus Securities and Exchange Commission). It also received <a href="https://sp-edge.com/updates/13362?industryIds=59">full registration from the UK FCA</a> to offer cryptocurrency trading services in September 2022. Customers can trade over 100 individual cryptocurrencies or buy collections, which are tokens grouped based on the underlying technology and use case for each token. In addition, customers can stake their tokens within the app (limited to UK and EEA customers) and also use the Revolut Card to make payments in cryptocurrency for ecommerce and in-person purchases. Revolut had also planned to launch its own token–RevCoin, as part of its rewards program. However, it temporarily paused the launch of it in January 2023, owing to the downturn in the crypto markets. Additionally, Revolut used to offer crypto investments in the US but suspended it owing to an uncertain and stricter regulatory environment in September 2023.As of May 2024, the company operated in Australia, Brazil, the European Economic Area (EEA), Japan, New Zealand, Singapore, Switzerland, the UK, and the US. The company also had plans to launch its services in India. Additionally, the company offers Revolut Lite in Armenia, Azerbaijan, Bangladesh, Chile, Kazakhstan, Kuwait, Macao SAR, North Macedonia, Oman, Qatar, the Republic of Moldova, Saudi Arabia, Sri Lanka, and Vietnam.In 2023, Revolut recorded revenue of USD 2 billion (GBP 1.57 billion), while its net profit was USD 350 million (GBP 275 million).Key customers and partnershipsAs of December 2023, the company served ~35 million retail customers across 38 countries. The UK remains Revolut’s largest market, with over 6.8 million customers, followed by Romania (2.8 million customers), Poland (2.5 million) and France (2.2 million).The company partnered with payments infrastructure provider Stripe to facilitate payments across Europe and the UK, and with Visa to enable instant card transfers for Revolut Business customers across 78 countries in over 50 currencies using only a card number through Visa Direct. The company also collaborated with Upvest, a FinTech infrastructure provider, to launch a trading platform for its customers in the EEA. Upvest was responsible for the brokerage, settlement, and custody infrastructure, as well as obtaining regulatory permissions through its German licenses. Revolut also offers auto insurance in Ireland in partnership with AIG. In addition, <a href="https://sp-edge.com/updates/32078">Revolut partnered with Paysafe</a> to provide UK customers with cash deposit services, enabling them to deposit cash at over 12,000 locations through the Revolut app.

Revolut

Avant provides personal loans and credit cards to consumers via a web portal. The company focuses on providing loans to underserved segments of the market, which include customers with ‘fair’ or ‘bad’ credit scores who are typically not able to gain access to loans and other forms of credit from traditional financial institutions. Applications for loans are completed online to make the process more accessible and convenient to individuals. The company does not have its own banking license; instead, the company uses its credit products under the license of WebBank. It operates in the US, Canada, and the UK.&nbsp;The company expanded its offering to launch digital banking solutions in December 2021 which include Avant Banking’s offerings include spending accounts (with no minimum balance required), debit cards, and ACH transfers, under the banking license of Evolve Bank &amp; Trust. Avant also allows users with direct deposits to access payday funds up to two days early, along with virtual cards that can be added to Apple Wallet or Google Pay. Avant does not charge fees for account maintenance or foreign transactions.Avant requires a minimum annual income of USD 20,000 to gain approval for a loan. The company’s clientele largely comprises middle-class individuals with annual household incomes in the range of&nbsp; USD 40,000-100,000. Loans approved by the company range between USD 2,000-35,000, with monthly repayment plans of 2-5 years. Given the high-risk nature of the company’s clientele, interest rates charged on loans tend to be on the higher side, with the lowest rate starting at 9.95% APR (Annual Percentage Rate). The company also provides credit cards with credit limits between USD 300 and USD 3,000.The company also uses an in-house formula for calculating credit risk, which the company claims has been more useful than traditional credit scoring methods such as FICO credit scores which are based on a limited number of variables. The company’s formula uses machine learning algorithms and other big data techniques to gather additional data and analyzes about 10,000 variables to determine an individual’s credit score; it also claims that it can predict the likelihood of a customer defaulting on a loan with 57% better accuracy than FICO scores alone.&nbsp;In April 2021, the company acquired Zero Financial, a mobile banking developer, along with its Neobank operations (Level). The acquisition was intended to aid Avant in expanding its product portfolio to provide digital banking solutions to its customers. Key customers and partnerships As of December 2022, the company served over three million customers and had issued more than one million credit cards. Funding and financials Avant secured <a href="https://sp-edge.com/updates/15154">USD 250 million in corporate debt and redeemable preferred equity</a> from Ares Management’s Alternative Credit funds in December 2022. It had planned to use the fresh funds to expand its credit portfolio and platform. The company generated a total revenue of USD 265 million in 2020. As of December 2022, the company was reported to have provided around USD 9 billion worth of loans.

Avant

Chime provides banking services to its customers via a web portal and a mobile app. The company provides no-fee mobile banking solutions, and offers savings accounts, checking accounts, and debit cards (with ATM access) to its customers. The company does not provide loans and does not charge monthly, foreign exchange, or overdraft fees (for transactions up to USD 200), and therefore primarily generates its revenue from interchange and ATM fees. The company claims that accounts can be created in as little as two minutes, and uses video identification to verify an individual’s identity. The company does not impose minimum balance requirements and mainly focuses on serving individuals who earn between USD 30,000-75,000 per year.&nbsp;In June 2020, the company entered the credit card space by launching ‘CreditBuilder’. Despite being introduced as a credit card, the card has similar functionality to a debit card, which allows users to transfer funds from their checking accounts, and spend up to the transferred amount where Visa is accepted, reducing the tendency to overspend. At month’s end, CreditBuilder automatically pays off the credit card balance using the transferred funds and reports the payment to credit bureaus. The CreditBuilder card is primarily targeted at millennials and Gen Z customers, to aid in developing and building up their credit history.&nbsp;In <a href="https://sp-edge.com/updates/30853">June 2024</a>, Chime acquired enterprise employee rewards company Salt Labs for an undisclosed sum. Following the transaction, it planned to launch a new division called “Chime Enterprise,” which will include Salt's products and focus on expansion through employer channels. This move will grant Chime an additional revenue stream and access to Salt’s enterprise clients to promote Chime MyPay, its earned wage access platform.&nbsp;In January 2022, Reuters reported that Chime was to go public led by investment bank Goldman Sachs. Reports say that the company could aim for a valuation of almost USD 40 billion, which could be launched as early as Spring 2022. However, the company paused its IPO aspirations following the downturn in the IPO market.The company claims that revenue and transaction volumes witnessed threefold growth between January and September 2020, owing to the impact of the COVID-19 pandemic. Over the same period, the company also stated that it was able to become profitable on an EBITDA basis.Key customers and partnershipsChime stands as the largest Neobank in the digital banking space in the US, with&nbsp; 12 million customers&nbsp; (reported as of February 2021). The company does not own its own banking license and provides its services under the licenses of Bancorp Bank and Stride Bank.

Chime

London-based Starling Bank offers banking products for both the B2C and B2B segments via a web portal and mobile app, and operates under its own banking license.The bank’s B2C segment offers current accounts, debit cards and personal overdrafts. The current accounts are provided free of charge, and customers also benefit from free ATM withdrawals and transaction fees when abroad. In addition, Starling offers teen bank accounts for 16- and 17-year-olds, and also allows parents to create debit cards for children aged 6–16 that are linked to their individual current account. Customers can also create up to five virtual cards that are linked to “Saving Spaces,” which are separate accounts for specific savings or expenses that are not connected to a customer’s main account. If a Space budget is used up, the virtual card will be declined instead of drawing funds from a customer’s main account.Its B2B segment provides free business accounts primarily targeted at SMEs, which includes features such as fixed savings, overdraft facilities, and business loans. Additionally, Starling offers multi-currency accounts for individuals (euros) for free, while it charges GBP 2 and GBP 5 per month for Euro and US dollar businesses accounts, respectively. It also offers international money transfer services to 35 different countries at a 0.4% transfer fee and a fixed delivery fee of GBP 5.50. Starling Bank also offers Bills Manager features for personal accounts and small business accounts, which allows users with direct debit or standing order options and streamline and record finances that also automatically sync with other accounting tools such as Xero and FreeAgent provided through the Starling Marketplace. It also introduced a subscription-based Business Toolkit feature to support payroll, tax and supplier payments, which cost GBP 7 per month.The company has also developed a Banking-as-a-Service (BaaS) platform called <a href="https://sp-edge.com/updates/20982">Engine</a>. It is an all-in-one platform licensed to other banks to develop their own digital banking services such as checking accounts, savings, loans, and mortgages, rather than building the capabilities from scratch. The company was to use Engine as an alternative to expand internationally rather than launching its own retail bank.In July 2021, Starling Bank acquired buy-to-let mortgage lender Fleet Mortgages in a cash and equity deal of GBP 50 million (~USD 68 million), with plans to leverage its lending operations to enter the mortgage sector, becoming the first entirely digital bank in the UK to do so. The acquisition (its first) is in line with the bank’s strategy to expand its line of credit products through strategic forward-flow arrangements, organic lending, and targeted M&amp;A activity. In November 2021, Starling Bank purchased the mortgage book worth around GBP 1 billion (~USD 1.3 billion) from Kensington Mortgages. This was followed by the purchase of another loan book worth roughly GBP 500 million (~USD 607 million) from the defunct UK-based banked Masthaven in a bid to diversify its portfolio beyond government-backed Covid-19 loans, which accounted for GBP 1.9 billion (92.5%) of its GBP 2.0 billion SME loan book as of March 2022.Key customers and partnershipsAs of June 2024, Starling served over 4.2 million customers.Funding and financialsIn April 2022, Starling Bank raised GBP 130.5 million (USD 164.4 million) in funding from existing investors such as Fidelity Management and Goldman Sachs. The company aimed to use the funds to support growth and explore more acquisition opportunities.In FY2024 (ended 31 March 2024), the company generated total income of GBP 647 million (USD 826.9 million; up 55.9% YoY) and profit after taxation of GBP 220 million (USD 281.1 million; up 54.9% YoY).

Starling Bank

Platforms offering digital checking and savings accounts that target all types of individual consumers

Platforms offering loans and/or other forms of credit to consumers, solely via digital channels

Platforms offering loans and/or other forms of credit to businesses, solely via digital channels

Platforms offering digital checking and savings accounts that target niche consumer segments with specific interests such as kids, teens, and ethnic minority groups

AI/ML is used to process applications, analyze spending habits, and assess creditworthiness

Digital banking (specialized) (B2C) segment caters to underbanked and minority groups

Open banking is an enabler for the neobanking industry

<div>
 
 UK-based neobank OakNorth has gained authorization from the Federal Reserve and the New York State Department of Financial Services (NYDFS) to establish a New York Representative Office for actively marketing its products and services in the US.
 The company intends to fill a gap in the US lower mid-market business sector by leveraging its data-driven approach. Since July 2023, it has already provided around USD 600 million in loans to businesses within this category.
 OakNorth is also considering obtaining a US banking charter to increase its operational presence in the United States.
 Typically, OakNorth assists businesses with turnovers between USD 1 million and 100 million. It has supplied more than USD 15 billion in loans to UK and US firms so far.
 
</div>

OakNorth

About EDGE

Contact Us

Resources

Area of Focus

Technology Research Made Effortless