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It's a good time to be a challenger bank as Mondo, a digital-only bank, has received a banking licence to add further competition to the market that already includes Atom, Tandem and Starling.
At a time when western Europe and the US are myopically obsessed with the future of banking, having "Uber moments" and fending off attacks from challengers, other parts of the world are more than happy to use FinTech services that have been around since the mid-2000s and don't require financial institutions at all.
At a time when former Barclays CEO, Anthony Jenkins, said traditional financial institutions are having their "Uber moment", the challenger banks who have forced this 'moment' are continuing to go from strength to strength.The most recent example is Number26, a German smartphone-only bank that has expanded to six new European countries.
December is off to a great start for challenger banks after three digital banks around the world either received their regulatory licences or raised significant funds.
BBVA, Spain's second-largest bank, has invested £45m in Atom Bank, UK's first digital-only financial institution, to become the Durham-based lender's biggest shareholder.
PaymentEye attended the Centaur Festival of Marketing 2015 to see how large tech companies and startups are innovating, discuss the future of payments and consider the question that has plagued philosophers dating back to Ancient Greece - to multichannel or not to multichannel?
Atom, the UK’s first digital-only bank, has chosen financial services developer Intelligent Environments to underpin its digital platform.
