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There are a couple of digital banks like Monzo. Atom, Tandem, Starling and more (there's another one for digital nomads, I don't remember their name). Then the
by richardknop 9y ago
There are a couple of digital banks like Monzo. Atom, Tandem, Starling and more (there's another one for digital nomads, I don't remember their name).
Then there are also other banks like Tesco/Sainsbury's which are definitely not 100 years old. More like started in 90s (but perhaps these reused some old banking licenses from other banks so don't count as "new").
Especially lately there has been a boom in fintech and lots of new challenger banks are appearing and getting banking licenses so that claim is definitely not true today, perhaps it was true a decade or two ago.
- skolsuper 9y agoI think Tesco, Sainsbury's etc are just resellers of banking services. Actual banking licenses are the thing there have been none of for 100 years iirc, I don't think GP comment just pulled that assertion out of thin air.
- pmlnr 9y agoAhem... https://monzo.com/blog/2017/04/05/banking-licence/ https://monzo.com/blog/2017/04/05/banking-licence/ https://www.thememo.com/2017/04/06/monzo-current-account-specs-monzo-full-banking-license-starling-bank/ https://www.thememo.com/2017/04/06/monzo-current-account-spe...
- richardknop 9y agoMonzo and Starling have secured full banking licenses for sure. Though recently, I think it was only this year. Tandem I think lost their license because of problems with funding. So that claim might have been true few years ago before fintech boom started. Lots of new digital banks already got or are in process of getting banking license. Banking industry in U.K. is getting shaken up currently, lots of fintech challengers.