In an increasingly-crowded UK challenger bank market, two new hopeful entrants have been announced.
Three senior City bankers are aiming to launch the “Google of finance” and disrupt the UK savings market.
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Led by Huy Nguyen Trieu, a fintech entrepreneur who led a capital markets team at Citi, the as yet unnamed bank is planning a mobile savings app that utilises artificial intelligence. Through this, it hopes to give tailored advice and offer “risk-free” products such as Isas and high interest rate savings accounts.
The project, supported by former CTO of Atom Bank Paul Hanks and former colleague Lionel Durix, has more than £10m ($13.2m) in funding and hopes to gain regulatory approval in 2018 or the following year.
In addition, savings app Chip is looking to crowdfund £2.4m and become the “Brewdog of banking”.
The Chip app connects to current accounts and uses an AI-powered algorithm to calculate how much the customer can afford to save. Now claiming 25,000 accounts and users saving a total £1m a month, it has set its sights on higher ground.
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By GlobalData£500,000 was donated in the first 24 hours of the crowdfunding campaign by 1,700 benefactors.
Chip CEO Simon Rabin said: “To have so many of our customers invest in the company is a fantastic endorsement of what we’re building. There’s so much excitement around what we’re going to do next.”
