Originally posted on Monzo forum, but as the good folk here seem to have more diverse views, I thought I’d try again
It seems that these days, every time you read the news, another FinTech challenger has emerged.
While many of them have been around for a few years now, some are only just entering the market.
Some very innovative, others just looking for a solution to problems that don’t really exist.
Whilst I applaud all of their efforts to shake up the financial industry, I can see some of them falling by the wayside, especially when the investment cash starts to run out, they fail to make a profit or customers dry up.
Which, in your opinion will be the FinTechs and challengers that will survive, and which do you think will fail, and why?
Here are my thoughts about some of the FinTechs I have knowledge of::
The obvious survivors (in no particular order)
Starling, Monzo - Probably the best known proper UK digital banks with a healthy customer base
N26 - Already well established in Germany, and they may possibly make some inroads into the UK and US markets, although I can see this being a small number
Revolut - One of the best multi currency accounts on the market, and available throughout Europe, and quite a few other countries
Transferwise - One of Revolut’s main competitors, and again pretty well established in the international transfer market
Monese - Not the largest market share, but a pretty solid product and the ability to have a separate card for the euro account
Ones I don’t think will make it:
Curve - Don’t seem to be moving forward, and I see little value in their current product
Currensea - A card created for a problem that doesn’t really exist any more, 0.95% mark up for using your own money
Boon, Koto - Just a virtual card that is linked to a digital wallet, no phone, no payment method. At least the likes of Revolut, Monese, etc., offer a physical card too, and they have been going a lot longer
I know there are many more, but I didn’t want to make the post too long winded, although I will hopefully add more comments when I have learnt more about some of the other FinTechs I am currently experimenting with.