The City of London is home to one of the biggest fintech ecosystems outside of the US; it’s created two of the world’s biggest challenger banks in Monzo and Revolut and when international money transfer platform Wise debuted on the LSE in 2021, it was the largest ever-listing of a tech company in London.
With the rise of digital innovation in the financial sector, business customers today expect their banks to provide the same experience they enjoy on apps or from the likes of Google, Apple or Amazon – a service which is fast, cheap, reliable and easy to use. They no longer accept waiting weeks and going through multiple manual steps to open a business bank account, paying high fees for simple payments or waiting until 9am the next morning for the phone lines to open to receive support. They demand tools and services beyond what traditional banks can often provide - real-time insights into cash balances, seamless payments, inexpensive foreign currency transfers, digital invoicing and even tax preparation, all in an easy-to-use, mobile-first interface.
