Like Monzo , Starling Bank is designing its own mobile banking platform , but it has the benefit of having raised more than three times as much startup capital . The company currently has £ 70mn , much of which it received from the angel investor Harald McPike . Starling ’ s focus is on helping its customers manage their money more effectively , notably by sending them alerts when they are about to perform activities that will incur fees . Its platform also offers comprehensive information on spending , transfers , and accounts , with updates in real time .

TOP 10 CHALLENGER BANKS

Originally offering fixed savings accounts and loans for small and medium enterprises , Atom Bank recently expanded into residential mortgages , obtaining its license to offer two-year fixed rate loans in December of

2016 . The company currently has £ 135mn to finance its activities , and plans to raise £ 100mn more in the near future . It also has access to a network of 800 mortgage providers . The only major downside to Atom Bank is its platform . Rather than developing its own stack , the company relies on existing software from FIS , limiting its ability to provide personalised services .