Which is the biggest challenger bank in the UK?

Which is the biggest challenger bank in the UK?

It is interesting to see the relative scale of the challenger banks - miniscule.

I am surprised Atom doesn’t offer an instant access account.

The Monzo numbers shouldn’t really include the pre paid customers since its aspiration is to be a bank.

The real numbers - active and serious users are harder to obtain and likely to be much smaller than just card holders.


Indeed, I think the numbers are skewed especially for Fintech as early adopters are likely to open accounts pretty much everywhere just to try out the product and see which one is best for their needs.

It does seem that there is a very large number of dormant accounts for legacy banks as well though (and that’s only those untouched for 15 years plus, there must be 100s of millions more in accounts that haven’t been touched for a year or two):

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It’s a difficult comparison as each companies have different goals and success metrics. Everyone defines success differently depending on their aims. Right now we’re in a position where most of the fintechs in the UK are approaching from different angles, which is great!

Atom have obviously focused on savings hence the large amount of deposits! We’ve had insane user growth, but right now our focus is on expanding the product and per-user costs. Growth has happened largely naturally through word of mouth and that’s what happens with the right product.