Neobanked - 016 Plus plus Revolut

More Plustomer, Plumster, and Revolutionist developments.


Throughout 2020 I’ll be publishing a newsletter called Neobanked. Issue 016 is below and you can subscribe here. Any thoughts or ideas are always welcome, get in touch!


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.


News this week

Plum raises $10m as the app receives a design overhaul

This funding brings their total to nearly $20m as they eye up expansion across Europe. The app’s overhaul brings it closer to being a holistic financial control centre; users can now link multiple bank accounts, open a savings account with 0.6% interest, and within the year they hope to launch pensions and stock purchasing. Users in France, Ireland, and Spain can join a beta for early access to the new European account linking.

Opinion piece: We’re still a long way off the perfect neobank

A former Lloyd’s Bank director discusses the functionality gap that remains even in today’s neobanks. His three items are a simplified payments experience, a flexible credit line, and auto-savings tool.


New and upcoming feature releases

Third time lucky: Monzo announces Monzo Plus

The third iteration of Monzo’s premium product is now available for £5 per month. Key features include 1% interest on balances up to £2,000, the ability to link external bank accounts and credit cards, monthly credit score updates, and a holographic debit card. Dylan Lewis, an iOS engineer at Monzo, shared small details they included in the app design.

Revolut Gifting service launched

The new service allows users to create and send digital gifts in the app with personalised animated covers and add a personal message. Gifts can be sent to non-Revolut users via email if needed.

Revolut gifts intro

The in-app overview.

Revolut users can now buy silver

Purchases are backed by physical silver held by their metals services provider. Users can send silver to each other or exchange for gold, crypto, or cash.

Revolut launches Open Banking for French customers with Truelayer

Following the feature’s launch in the UK and Ireland, French users can now connect multiple external bank accounts within the Revolut app.


It’s been a busy few week’s for Monzo and Revolut, as their proposition continues to mature. Revolut is perhaps the more forward thinking of the two, providing users with services they didn’t even know they’d need. Both still have major propositional gaps in mortgages, long term investments, and advice - this will likely remain the biggest barrier to customer switching from the large, traditional banks.

Written on July 26, 2020