The neobank dominates product releases in the final weeks of the year.
Welcome to Neobanked, a newsletter focused on the quickly evolving UK digital banking market. I hope to gather enough interesting tidbits and news to share this every two weeks.
For me, Neobanks are digital-only offerings that apply internet economics (i.e. zero marginal costs) to the banking sector. My focus will be on companies such as Monzo, Revolut, and Starling.
Through this newsletter I hope to cover each of these companies as they continue to grow within the UK and beyond. Some of the regular features will include user number growth, new product/feature releases, and links to relevant interviews and analysis.
New and upcoming feature releases
The new card design incorporates their refreshed logo, bringing it inline with the Premium and Metal tiers.
Over time, the neobanks continue to shift away from their initial app-only strategy. And now Revolut’s done the same; the web app allows users to view transactions and balances, top-up, manage their cards, and request support.
Competing with the likes of Stripe, Adyen, and Braintree, their new payments platform gives businesses next day settlement and lower fees across 14 currencies.
And a smattering of smaller features of the last few months adds to Revolut’s growing super-app
They’ve recently added:
- Salary advance, giving users their salary the day before traditional payday
- Users can block upcoming subscription payments, simplifying subscription cancellation
- Parents can set goals for Junior accounts
- In-app cryptocurrency news feeds
Likely as a result of their bespoke infrastructure and global scale, Revolut is able to deliver significant customer-facing changes at pace - not to mention, across both personal and business banking portfolios. Their foray into business payments is anticipated to be the first of many products / services to compete with the dozens on global payments processors and gateways; Revolut’s tightly integrated offering and pervasive brand may provide them with a clearer route to growth than most.