Live from London — 3 fintechs with high activity, visibility and funding
3 innovation and digital news in 1 minute. Every Monday. Episode 399
“Much more than a business account” — Tide
Business account with accounting, expense management, loans. That’s what Tide calls “much more than a business account”. Credit card is at the centre of the account. The bank account of many street vendors and small shop owners. Tide is available in Germany since May 2024, with just the core offering, not the “much more than a business account”. Opinion: Tide claims 10% of all UK SMEs are its customers, a very high number (650.000 customers). Very visible in London in September 2024 with many ads on busses and public transport.
Really, “much more than a business account”? Sounds more like what every SME neobank offers.
Yonder — from foodies to explorers
Yonder is a rewards credit card that started with rewards for restaurants. Recently a re-focus with a broader range of rewards. Adding experience rewards (like theatre tickets), flights, travel insurance. A new £23.4m VC funding on 19.09.2024. Opinion: From “the epic credit card for foodies” to “the epic credit card for modern explorers”, a re-focus earning Yonder new funding. We discovered Yonder last year, when it was very visible around London on bus ads. The new funding brought it back onto our radar.
The ambition is clear “Goodbye Amex, Hello Yonder” on Yonder website.
Revolut — high ambition with new HQ and products
Revolut, very active expanding product portfolio and country expansions. Recent expansions into new services are Revolut People (HR software), Revolut eSim, payment terminal. Pushing into new markets, especially Germany, with strong ambition. Later in 2024 Revolut will move into its new HQ, in the centre of London banking district Canary Wharf. Opinion: Revolut is always on our radar, always high activity. Latest valuation is $45bn (internal memo on 01.08.2024). Since summer 2024, a strong push into German market, with ambition of becoming #3 direct bank.
SLI visited the new HQ location in Canary Wharf last week, it shows an impressive ambition. Between offices of JP Morgan, HSBC, Deutsche Bank, Bank of America.
