10 Digital Banks to Keep an Eye on in 2019

Digital banking has become the hot topic of 2019, with several new tech startups in the field achieving ‘unicorn’ status – that is, a valuation above $1 billion.

The convenience of mobile banking apps, with quick, low-cost transfers and low entry thresholds has garnered widespread appeal with Millenials and young professionals. Long-established digital finance organizations like Stripe, Circle, and Robinhood are now facing increasing competition from new players in the sector.

10 Digital Banks to Keep an Eye on in 2019

By Ryan Dennis

Let’s have a look at ten of the top digital banking and investment services available today:

1. Monzo

UK-based Monzo has quickly grown to become one of the most popular digital banks for travelers in Europe, offering up to £200 fee-free cash withdrawals when used abroad. The fun, intuitive interface of its mobile app is one of its key features, with instant transfers between users, direct debits, and some clever budgeting tools rounding off an excellent product.

However, as with most digital banks, Monzo is a simple cash management system and doesn’t offer any interest on savings or investment options. It makes a great secondary travel card but users would be hard-pressed to use it as their main bank.

2. Bankera

Lithuanian-based Bankera is a new digital bank built on blockchain technology that provides clients with international banking options via the IBAN account number system. The investments-focused bank has a tiered system offering increasing interest rates for customer deposits and a wealth of advanced investment tools like ETF’s and digital asset support.

3. N26

In January this year, digital banking startup N26 made headlines when it raised $300 million in a Series D funding round, bringing its total valuation to $2.7 billion.

The bank has been running a strong market campaign promoting its many debit card options, including the popular ‘metal’ card. As a German-based company, basic users can make free ATM withdrawals in euros anywhere in Europe and free payments in any currency. More advanced accounts include insurance packages, dedicated customer support and access to discounts and unique experiences.

4. BABB

BABB is a new digital banking platform that is still under development but looks very promising. It aims to support both traditional and digital currencies and notably hopes to collaborate with governments planning to launch their own digital currencies.

Users will be issued with a debit card dubbed a ‘Black Card’ that will support international withdrawals and expenditures.

5. Chime

Chime is one of few US-based digital banks that has also exploded in popularity this year. It offers excellent automated savings features, with no monthly costs or overdraft options to help customers no overspend.

In addition, it offers a split-the-bill feature and free withdrawals from any MoneyPass ATM worldwide via its VISA debit card – but as with most digital banks, it offers almost zero interest on balances.

6. Peculium

Peculium is a highly ambitious digital savings and investment project that has been in development since 2017. It aims to provide customers with investment advice formulated by its in-house artificial intelligence machine AIEVE. Using big data and machine learning concepts, the AIEVE system is intended to replace traditional market analysts.

In addition to AIEVE, Peculium intends to launch a digital wallet and smart contract platform for corporate entities

7. Cashaa

Cashaa is another blockchain-powered platform that operates via its own proprietory CAS tokens. Customers can buy or earn CAS tokens in several ways which can then be utilized to provide microloans to other users and accrue the associated interest.

Cashaa customers can easily make international transfers and withdraw cash using the provided ATM card. Cashaa was included in accounting firm KPMG’s Top 50 Emerging FinTech Businesses of 2018

8. EQIBank

EQIBank is a digital bank aimed at corporate entities and high-net-worth individuals (HNWI). Based in the tax-friendly nation of Dominica, EQIBank offers highly-attractive offshore banking options to both private and business clients.

EQIBank provides its services to 180 countries with over 100 major currencies available, including support for digital assets. Through a strategic relationship with Kingdom Trust, EQIBank is one of few digital banks that can offer digital asset custody to the tune of $50 million.

9. Revolut

Revolut is another digital bank aimed at frequent travelers, with highly attractive international transfer and currency exchange options. Users can easily exchange currency within the mobile app without being charged any additional exchange fees (up to £5,000/month) and then withdraw cash in the currency of their choice.

The London-based bank operates under a special Lithuanian license which limits its access to full banking services but it presents an excellent choice as a secondary travel cash account. As with Monzo, its free initial account provides a debit card that offers free cash withdrawals worldwide up to £200, with a 2% charge after that.

10. Trussle

Trussle is a slightly different digital finance app, focused on helping customers save on their mortgage but finding them the best deal. The free service claims to be able to save users up to £300 a month by providing pricing transparency across the board and no hidden fees.

Users can apply for a mortgage or remortgage their current property. After providing information, an algorithm scans 12,000 products from 90 lenders and assesses the best possible options for each user. Recommendations are provided and a broker is made available should users have any questions.

Ryan Dennis a cryptocurrency and fintech writer based in Western Ireland. When not following the latest blockchain news, Ryan is playing on one of the few softball teams found on the island. He tweets at @PenOfRyanDennis.

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The blockchain is here to stay. My article on the blockchain and education in Irish Tech News: https://t.co/bHRFxy9yk6

— Ryan Dennis (@PenOfRyanDennis) September 6, 2019

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