TOP 10 CHALLENGER BANKS

Taking a more specialised approach to challenger banking , Amicus has focused on financing properties and assets . The company made a splash in 2015 when it offered a £ 100mn package made up of short-term mortgages , aimed at institutional investors who used the money to buy shares in home loans . Amicus is now expanding its operations to include a wider range of banking services . It hopes to have a banking license by the end of 2017 , and will convert £ 30mn of debt from its lending activities into equity for banking .

A recent entry to the challenger banking market , Monzo Bank only gained its full license in February of this year . The company is notable for having developed its own banking platform . This platform offers the full range of banking activities and services , including reports on past spending habits , monetary transfers , and integration with other companies ’ apps to facilitate easy payments . Monzo ’ s monetary resources are still small but are growing rapidly - the company raised a total of £ 22mn through a combination of venture capital and crowdfunding .

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