Project Imagine (dozens) will be in direct competition with fully digital banks such as Starling, Monzo or Atom.
These have managed to have an impact in the industry, but are nonetheless struggling to maintain a momentum, so their market share is considered by many not big enough to present a threat to traditional high street banks.
“We want to be a mix of Monzo, Nutmeg and Moneybox, all in one, which means a digital current account, savings and investment all in one, with heavy focus on personal finance management (PFM),” the CEO tells FinTech Futures. “We want to encourage savings and money management, and help people get out of the overdraft/over-spending loop – hence we will offer 3.14% in deposits from the start.”
According to the CEO, the bank will launch in Q4 this year with an e-money licence, and will be looking to acquire a banking licence some time in 2020.
Very interesting development with a stacked team. I’m curious as to who’s financing Project Imagine to have a product launch ready seemingly out of nowhere.