Another useful person in my online network is Steve McLaughlin of @FTPartners, who I spotted sent a tweet last week saying they had produced a challenger bank report.
FT Partners’ in-depth report, “The Rise of Challenger Banks” now features an exclusive interview with Brandon Krieg, Co-Founder and CEO of @Stash – view the full report here: https://t.co/wCoYAkrnU2 #FinTech #ChallengerBanks
— Steve McLaughlin FTP (@FTPartners) January 16, 2020
Of course I immediately clicked, and found a useful 216 page report analysing the activities of challenger banks around the world.
The company, an investment bank, had researched over 40 global challenger banks to see what and how they are doing things and their likely success or failure.
Looking at the slide deck, a key slide is this one:
As it shows that there are many new banks getting licences out there, as discussed yesterday in Asia and last year about Australia. I also wrote last year about NuBank, which happens to be the most well-funded challenger bank out there.
From a customer perspective, NuBank is the biggest new bank, with kakaobank, South Korea and Chime, USA, not far behind.
It is a great report. Like all things, not 100% accurate, but enough to say that it’s one of the best challenger bank reports in public domain I’ve seen so far.