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UK's Monzo, Revolut and Onfido dominate list of top 50 banking technology start-ups

UK's Monzo, Revolut and Onfido dominate list of top 50 banking technology start-ups

Three British financial technology firms have topped an annual list of the most influential banking start-ups in Europe.
Onfido, Monzo and Revolut topped the annual FinTech 50 list, which is created by a panel of experts from firms including Standard Chartered, UBS, Mastercard and venture capital firm Accel.
The list ranks the most innovative European firms which are disrupting the world of banking. Five British firms made it into the top 10 of the list.
Onfido started in London in 2012 and has developed algorithms which can verify people's identity through photographs and documents. Its technology is used by firms including Revolut and Couchsurfing and the business has raised more than $100m (80m) from investors including SoftBank.
Challenger banks Monzo and Revolut were ranked second and third on the list. Both businesses are developing branchless bank services which allow customers to access their savings and other financial services from their apps.
Together, Monzo and Revolut have raised more than 540m. Revolut has expanded to offer its service across the world and has grown to more than 7m customers. Monzo launched its service in America in June and this month reached 3m customers. Accenture said in a recent report that digital-only banks such as Monzo and Revolut are on track to treble the size of their customer base within 12 months to more than 35m people.
Other British firms included on the list are currency transfer start-up Azimo, regulatory technology firm Comply Advantage, insurance business Cuvva, challenger bank Starling Bank and another insurance technology start-up, Tractable.
Julie Lake, the founding director of the FinTech 50 list, said: "This year's 50 are meeting the demands of wider social, environmental and economic trends - the subscription economy, sustainable investing, financial wellbeing - as well as continuing to transform traditional financial services for the benefit of their customers."



Courtesy : Technology
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