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Founded in September of 2015 ,

this company does not yet have a

commercial license , meaning it cannot provide loans or credit ; it is currently limited to offering money transfers and ATM services . What Monese loses in the scope of its services , however , it more than makes up for in their span . The company offers transfers across multiple currencies to customers throughout Europe , making it invaluable for immigrants and migrant workers . It currently relies on mobile account and transfer service programs from Contis Group , rather than having its own platform .

Short for “ Advanced Payment Solutions ,” APS is technically not a bank , but it offers many of the same services . The company was founded in 2006 for the primary purpose of facilitating e-money payments . It has since expanded its services , and in 2016 obtained a license to offer loans to consumers , traders , and small and medium enterprises . The company has processed £ 4 billion of payments so far . Combined with its long experience operating outside the traditional parameters of banking , this leaves it well prepared to thrive as a challenger .

26 September 2017