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6 FinTech startups luring customers away from traditional banks

challenger bank

A number of so-called “challenger banks” have emerged in recent years, seeking to truly disrupt the UK financial services landscape. These new firms have begun gaining the trust of customers who are still highly suspicious of traditional institutions since the financial crisis of 2008.

Here’s a quick overview of some of the UK tech companies that have emerged in this space – what they offer and what they have in the pipeline. If you want to know what the difference is between Starling Bank, Monzo, Atom Bank, Revolut, Pockit and Tandem, this is the article for you.

1) Starling Bank

Founded in: London, 2014

Funding: $70m (£54.2m)

Banking licence? Yes

Key features: Mobile-only current accounts, real-time payment notifications, zero fees on spending abroad and overseas ATM withdrawals, Apple Pay support and pre-approved overdrafts with a flat rate of 15% AER....